{smcl}
{com}{sf}{ul off}{txt}{.-}
      name:  {res}<unnamed>
       {txt}log:  {res}/Users/joshw/CEO Pay Ratio/Analysis/Output/Log/payratio_RF.smcl
  {txt}log type:  {res}smcl
 {txt}opened on:  {res}18 Oct 2023, 17:48:11
{txt}
{com}. 
. 
. ////////////////////////////////////////////////////////////////////////////////
> // -----------------------Install these Stata Packages ---------------------- //
. ////////////////////////////////////////////////////////////////////////////////
> *ssc install reghdfe, replace
. *ssc install estout, replace
. *ssc install ftools, replace
. *ssc install ppmlhdfe, replace
. *net describe spost9_ado, from(https://jslsoc.sitehost.iu.edu/stata)
. *net install spost9_ado
. 
. ////////////////////////////////////////////////////////////////////////////////
> // ---------------------------------- Tables -------------------------------- //
. ////////////////////////////////////////////////////////////////////////////////
> use "Data/Temp/dataset_main.dta",clear
{txt}
{com}. 
. // ------------------------------------------------------ Table 1: Summary Stats
. do Code/produce_table1
{txt}
{com}. 
. ************************************************************************************************************
. **#                                                     TABLE 1 - SUMMARY STATS
. ************************************************************************************************************
. 
. capture cd "C:\Users\austin.starkweather\Dropbox\Research\CEO Pay Ratio\Analysis"
{txt}
{com}. capture cd "/Users/joshw/CEO Pay Ratio/Analysis/"
{txt}
{com}. use "Data/Temp/dataset_main.dta", clear
{txt}
{com}. 
. *********************
. *PANEL A - Components
. *********************
. tabstat pay_ratio ceo_pay_000s med_pay_000s if(sample_yr==1), by(pr_quint) stat(mean n)

{txt}Summary statistics: mean, N
  by categories of: pr_quint (pay ratio quintile (yearly))

{ralign 8:pr_quint} {...}
{c |}{...}
  pay_ra~o  ceo~000s  med~000s
{hline 9}{c +}{hline 30}
{ralign 8:1} {...}
{c |}{...}
 {res} 14.94279  1622.783  120.0884
{txt}{space 8} {...}
{c |}{...}
 {res}      481       481       481
{txt}{hline 9}{c +}{hline 30}
{ralign 8:2} {...}
{c |}{...}
 {res} 39.85394   3499.13  88.69699
{txt}{space 8} {...}
{c |}{...}
 {res}      492       492       492
{txt}{hline 9}{c +}{hline 30}
{ralign 8:3} {...}
{c |}{...}
 {res}  72.8585  5643.918  77.23128
{txt}{space 8} {...}
{c |}{...}
 {res}      468       468       468
{txt}{hline 9}{c +}{hline 30}
{ralign 8:4} {...}
{c |}{...}
 {res} 130.6484  8575.377  66.21809
{txt}{space 8} {...}
{c |}{...}
 {res}      481       481       481
{txt}{hline 9}{c +}{hline 30}
{ralign 8:5} {...}
{c |}{...}
 {res}  509.216  14729.36   40.5644
{txt}{space 8} {...}
{c |}{...}
 {res}      479       479       479
{txt}{hline 9}{c +}{hline 30}
{ralign 8:Total} {...}
{c |}{...}
 {res} 153.1236  6798.669  78.64512
{txt}{space 8} {...}
{c |}{...}
 {res}     2401      2401      2401
{txt}{hline 9}{c BT}{hline 30}

{com}. tabstat pay_ratio ceo_pay_000s med_pay_000s if(sample_yr!=1), by(pr_quint) stat(mean n)

{txt}Summary statistics: mean, N
  by categories of: pr_quint (pay ratio quintile (yearly))

{ralign 8:pr_quint} {...}
{c |}{...}
  pay_ra~o  ceo~000s  med~000s
{hline 9}{c +}{hline 30}
{ralign 8:1} {...}
{c |}{...}
 {res} 17.27688  2203.004  135.3925
{txt}{space 8} {...}
{c |}{...}
 {res}     1313      1313      1313
{txt}{hline 9}{c +}{hline 30}
{ralign 8:2} {...}
{c |}{...}
 {res} 43.15062  4220.003  98.78942
{txt}{space 8} {...}
{c |}{...}
 {res}     1281      1281      1281
{txt}{hline 9}{c +}{hline 30}
{ralign 8:3} {...}
{c |}{...}
 {res} 76.53078   6368.94  83.75182
{txt}{space 8} {...}
{c |}{...}
 {res}     1291      1291      1291
{txt}{hline 9}{c +}{hline 30}
{ralign 8:4} {...}
{c |}{...}
 {res} 137.5721  9425.827  69.34096
{txt}{space 8} {...}
{c |}{...}
 {res}     1285      1285      1285
{txt}{hline 9}{c +}{hline 30}
{ralign 8:5} {...}
{c |}{...}
 {res} 524.7111  17123.21  42.85254
{txt}{space 8} {...}
{c |}{...}
 {res}     1281      1281      1281
{txt}{hline 9}{c +}{hline 30}
{ralign 8:Total} {...}
{c |}{...}
 {res} 158.9981  7838.736  86.25645
{txt}{space 8} {...}
{c |}{...}
 {res}     6451      6451      6451
{txt}{hline 9}{c BT}{hline 30}

{com}. tabstat pay_ratio ceo_pay_000s med_pay_000s if(sample_yr==1 & pr_quint>=2 & pr_quint<=4), stat(mean n)

{txt}   stats {...}
{c |}{...}
  pay_ra~o  ceo~000s  med~000s
{hline 9}{c +}{hline 30}
{ralign 8:mean} {...}
{c |}{...}
 {res} 80.87981  5890.133  77.46985
{txt}{ralign 8:N} {...}
{c |}{...}
 {res}     1441      1441      1441
{txt}{hline 9}{c BT}{hline 30}

{com}. tabstat pay_ratio ceo_pay_000s med_pay_000s if(sample_yr!=1 & pr_quint>=2 & pr_quint<=4), stat(mean n)

{txt}   stats {...}
{c |}{...}
  pay_ra~o  ceo~000s  med~000s
{hline 9}{c +}{hline 30}
{ralign 8:mean} {...}
{c |}{...}
 {res} 85.78099  6673.662  83.94503
{txt}{ralign 8:N} {...}
{c |}{...}
 {res}     3857      3857      3857
{txt}{hline 9}{c BT}{hline 30}

{com}. 
. *********************
. *PANEL B - RY1
. *********************
. tabstat gd_pay_post_365 ln_prod_post_365 gd_ceodis_post_365 words spin_ind spin_num explain_ind explain_num tout_ind tout_num suppl_ind suppl_num if(sample_yr==1), by(pr_quint) stat(mean n)

{txt}Summary statistics: mean, N
  by categories of: pr_quint (pay ratio quintile (yearly))

{ralign 8:pr_quint} {...}
{c |}{...}
  gd_pay..  ln~t_365  gd_ceo..     words  spin_ind  spin_num  explai~d  explai~m  tout_ind  tout_num  suppl_~d  suppl_~m
{hline 9}{c +}{hline 120}
{ralign 8:1} {...}
{c |}{...}
 {res} 3.459575  6.208167  .0415551  329.6736  .1933472  .3201663  .5883576  1.031185  .1060291  .1663202   .027027   .027027
{txt}{space 8} {...}
{c |}{...}
 {res}      309       391       317       481       481       481       481       481       481       481       481       481
{txt}{hline 9}{c +}{hline 120}
{ralign 8:2} {...}
{c |}{...}
 {res} 3.458508  6.333917  .0348567  359.8963  .1666667  .3638211  .7134146  1.211382  .0711382   .097561  .0589431  .0589431
{txt}{space 8} {...}
{c |}{...}
 {res}      421       442       424       492       492       492       492       492       492       492       492       492
{txt}{hline 9}{c +}{hline 120}
{ralign 8:3} {...}
{c |}{...}
 {res} 3.392209  6.168518  .0449823  373.7094  .1688034  .3782051  .7008547  1.258547  .0641026  .0918803  .0769231  .0790598
{txt}{space 8} {...}
{c |}{...}
 {res}      425       440       426       468       468       468       468       468       468       468       468       468
{txt}{hline 9}{c +}{hline 120}
{ralign 8:4} {...}
{c |}{...}
 {res} 3.451628   6.13503  .0502793  387.0229  .2058212  .4927235  .7006237  1.282744   .049896  .0665281  .1351351  .1351351
{txt}{space 8} {...}
{c |}{...}
 {res}      453       461       453       481       481       481       481       481       481       481       481       481
{txt}{hline 9}{c +}{hline 120}
{ralign 8:5} {...}
{c |}{...}
 {res} 3.304489  5.632812  .0832986  427.7203  .2818372  .6263048  .7703549  1.551148  .0229645  .0292276  .2526096  .2609603
{txt}{space 8} {...}
{c |}{...}
 {res}      459       463       463       479       479       479       479       479       479       479       479       479
{txt}{hline 9}{c +}{hline 120}
{ralign 8:Total} {...}
{c |}{...}
 {res} 3.409326  6.088927  .0520684  375.4994  .2032486  .4360683  .6947105  1.266556  .0628905   .090379  .1099542  .1120367
{txt}{space 8} {...}
{c |}{...}
 {res}     2067      2197      2083      2401      2401      2401      2401      2401      2401      2401      2401      2401
{txt}{hline 9}{c BT}{hline 120}

{com}. tabstat gd_pay_post_365 ln_prod_post_365 gd_ceodis_post_365 words spin_ind spin_num explain_ind explain_num tout_ind tout_num suppl_ind suppl_num if(sample_yr==1 & pr_quint>=2 & pr_quint<=4), stat(mean n)

{txt}   stats {...}
{c |}{...}
  gd_pay..  ln~t_365  gd_ceo..     words  spin_ind  spin_num  explai~d  explai~m  tout_ind  tout_num  suppl_~d  suppl_~m
{hline 9}{c +}{hline 120}
{ralign 8:mean} {...}
{c |}{...}
 {res} 3.434417  6.211458   .043529  373.4372  .1804303  .4115198  .7050659   1.25052  .0617627  .0853574  .0902151  .0909091
{txt}{ralign 8:N} {...}
{c |}{...}
 {res}     1299      1343      1303      1441      1441      1441      1441      1441      1441      1441      1441      1441
{txt}{hline 9}{c BT}{hline 120}

{com}. 
. **************************************************
. *Conditional summary stats (untabulated, Sec. 4.1)
. **************************************************
. 
. *By pay ratio quintile
. tabstat spin_num if(sample_yr==1 & spin_ind==1), stat(mean n) by(pr_quint)

{txt}Summary for variables: spin_num
{col 6}by categories of: pr_quint (pay ratio quintile (yearly))

{ralign 8:pr_quint} {...}
{c |}      mean         N
{hline 9}{c +}{hline 20}
{ralign 8:1} {...}
{c |}{...}
 {res} 1.655914        93
{txt}{ralign 8:2} {...}
{c |}{...}
 {res} 2.182927        82
{txt}{ralign 8:3} {...}
{c |}{...}
 {res} 2.240506        79
{txt}{ralign 8:4} {...}
{c |}{...}
 {res} 2.393939        99
{txt}{ralign 8:5} {...}
{c |}{...}
 {res} 2.222222       135
{txt}{hline 9}{c +}{hline 20}
{ralign 8:Total} {...}
{c |}{...}
 {res} 2.145492       488
{txt}{hline 9}{c BT}{hline 20}

{com}. tabstat explain_num if(sample_yr==1 & explain_ind==1), stat(mean n)  by(pr_quint)

{txt}Summary for variables: explain_num
{col 6}by categories of: pr_quint (pay ratio quintile (yearly))

{ralign 8:pr_quint} {...}
{c |}      mean         N
{hline 9}{c +}{hline 20}
{ralign 8:1} {...}
{c |}{...}
 {res}  1.75265       283
{txt}{ralign 8:2} {...}
{c |}{...}
 {res} 1.698006       351
{txt}{ralign 8:3} {...}
{c |}{...}
 {res} 1.795732       328
{txt}{ralign 8:4} {...}
{c |}{...}
 {res} 1.830861       337
{txt}{ralign 8:5} {...}
{c |}{...}
 {res}  2.01355       369
{txt}{hline 9}{c +}{hline 20}
{ralign 8:Total} {...}
{c |}{...}
 {res} 1.823141      1668
{txt}{hline 9}{c BT}{hline 20}

{com}. tabstat tout_num if(sample_yr==1 & tout_ind==1), stat(mean n) by(pr_quint)

{txt}Summary for variables: tout_num
{col 6}by categories of: pr_quint (pay ratio quintile (yearly))

{ralign 8:pr_quint} {...}
{c |}      mean         N
{hline 9}{c +}{hline 20}
{ralign 8:1} {...}
{c |}{...}
 {res} 1.568627        51
{txt}{ralign 8:2} {...}
{c |}{...}
 {res} 1.371429        35
{txt}{ralign 8:3} {...}
{c |}{...}
 {res} 1.433333        30
{txt}{ralign 8:4} {...}
{c |}{...}
 {res} 1.333333        24
{txt}{ralign 8:5} {...}
{c |}{...}
 {res} 1.272727        11
{txt}{hline 9}{c +}{hline 20}
{ralign 8:Total} {...}
{c |}{...}
 {res} 1.437086       151
{txt}{hline 9}{c BT}{hline 20}

{com}. tabstat suppl_num if(sample_yr==1 & suppl_ind==1), stat(mean n) by(pr_quint)

{txt}Summary for variables: suppl_num
{col 6}by categories of: pr_quint (pay ratio quintile (yearly))

{ralign 8:pr_quint} {...}
{c |}      mean         N
{hline 9}{c +}{hline 20}
{ralign 8:1} {...}
{c |}{...}
 {res}        1        13
{txt}{ralign 8:2} {...}
{c |}{...}
 {res}        1        29
{txt}{ralign 8:3} {...}
{c |}{...}
 {res} 1.027778        36
{txt}{ralign 8:4} {...}
{c |}{...}
 {res}        1        65
{txt}{ralign 8:5} {...}
{c |}{...}
 {res} 1.033058       121
{txt}{hline 9}{c +}{hline 20}
{ralign 8:Total} {...}
{c |}{...}
 {res} 1.018939       264
{txt}{hline 9}{c BT}{hline 20}

{com}. 
. *Pay ratio quintiles 2-4
. tabstat spin_num if(sample_yr==1 & spin_ind==1 & pr_quint>=2 & pr_quint<=4), stat(mean n)

{txt}{ralign 12:variable} {...}
{c |}      mean         N
{hline 13}{c +}{hline 20}
{ralign 12:spin_num} {...}
{c |}{...}
 {res} 2.280769       260
{txt}{hline 13}{c BT}{hline 20}

{com}. tabstat explain_num if(sample_yr==1 & explain_ind==1 & pr_quint>=2 & pr_quint<=4), stat(mean n)  

{txt}{ralign 12:variable} {...}
{c |}      mean         N
{hline 13}{c +}{hline 20}
{ralign 12:explain_num} {...}
{c |}{...}
 {res} 1.773622      1016
{txt}{hline 13}{c BT}{hline 20}

{com}. tabstat tout_num if(sample_yr==1 & tout_ind==1 & pr_quint>=2 & pr_quint<=4), stat(mean n) 

{txt}{ralign 12:variable} {...}
{c |}      mean         N
{hline 13}{c +}{hline 20}
{ralign 12:tout_num} {...}
{c |}{...}
 {res} 1.382022        89
{txt}{hline 13}{c BT}{hline 20}

{com}. tabstat suppl_num if(sample_yr==1 & suppl_ind==1 & pr_quint>=2 & pr_quint<=4), stat(mean n) 

{txt}{ralign 12:variable} {...}
{c |}      mean         N
{hline 13}{c +}{hline 20}
{ralign 12:suppl_num} {...}
{c |}{...}
 {res} 1.007692       130
{txt}{hline 13}{c BT}{hline 20}

{com}. 
{txt}end of do-file

{com}. 
. // -------------------------------------------------- Table 2: Employee Response
. do Code/produce_table2
{txt}
{com}. 
. ************************************************************************************************************
. **#                                                     TABLE 2 - EMPLOYEE RESPONSE
. ************************************************************************************************************
. 
. capture cd "/Users/joshw/CEO Pay Ratio/Analysis/"
{txt}
{com}. use "Data/Temp/dataset_main.dta", clear
{txt}
{com}. 
. *********************
. *Change in Pay Rating
. *********************
. est clear
{txt}
{com}. eststo: xi: reghdfe gd_pay_diff_365 pr_quint_5 pr_quint_1 gd_pay_pre_365 size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1, absorb(ffi49)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     1,984
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   1922{txt}){col 67}= {res}     62.91
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.3117
{txt}{col 51}Adj R-squared{col 67}= {res}    0.2899
{txt}{col 51}Within R-sq.{col 67}= {res}    0.2985
{txt}{col 51}Root MSE{col 67}= {res}    0.5352

{txt}{hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_pay_dif~365{col 16}{c |}      Coef.{col 28}   Std. Err.{col 40}      t{col 48}   P>|t|{col 56}     [95% Con{col 69}f. Interval]
{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}pr_quint_5 {c |}{col 16}{res}{space 2}-.0665009{col 28}{space 2} .0354239{col 39}{space 1}   -1.88{col 48}{space 3}0.061{col 56}{space 4}-.1359743{col 69}{space 3} .0029724
{txt}{space 4}pr_quint_1 {c |}{col 16}{res}{space 2} .0851755{col 28}{space 2} .0406029{col 39}{space 1}    2.10{col 48}{space 3}0.036{col 56}{space 4}  .005545{col 69}{space 3} .1648059
{txt}gd_pay_pre_365 {c |}{col 16}{res}{space 2}  -.60312{col 28}{space 2} .0212803{col 39}{space 1}  -28.34{col 48}{space 3}0.000{col 56}{space 4}-.6448549{col 69}{space 3} -.561385
{txt}{space 10}size {c |}{col 16}{res}{space 2} .0605255{col 28}{space 2} .0098776{col 39}{space 1}    6.13{col 48}{space 3}0.000{col 56}{space 4} .0411535{col 69}{space 3} .0798975
{txt}{space 11}mtb {c |}{col 16}{res}{space 2} .0085102{col 28}{space 2} .0098276{col 39}{space 1}    0.87{col 48}{space 3}0.387{col 56}{space 4}-.0107637{col 69}{space 3} .0277842
{txt}{space 11}roa {c |}{col 16}{res}{space 2} .0719826{col 28}{space 2} .1354754{col 39}{space 1}    0.53{col 48}{space 3}0.595{col 56}{space 4}-.1937116{col 69}{space 3} .3376769
{txt}{space 12}io {c |}{col 16}{res}{space 2} .0892294{col 28}{space 2}  .056543{col 39}{space 1}    1.58{col 48}{space 3}0.115{col 56}{space 4}-.0216628{col 69}{space 3} .2001215
{txt}{space 10}cash {c |}{col 16}{res}{space 2} .1555088{col 28}{space 2} .0977547{col 39}{space 1}    1.59{col 48}{space 3}0.112{col 56}{space 4}-.0362077{col 69}{space 3} .3472252
{txt}{space 11}lev {c |}{col 16}{res}{space 2}-.0146479{col 28}{space 2} .0577289{col 39}{space 1}   -0.25{col 48}{space 3}0.800{col 56}{space 4}-.1278657{col 69}{space 3} .0985698
{txt}{space 6}salesg_w {c |}{col 16}{res}{space 2} .0437034{col 28}{space 2} .0440941{col 39}{space 1}    0.99{col 48}{space 3}0.322{col 56}{space 4}-.0427739{col 69}{space 3} .1301807
{txt}{space 11}tsr {c |}{col 16}{res}{space 2} .0174079{col 28}{space 2} .0312327{col 39}{space 1}    0.56{col 48}{space 3}0.577{col 56}{space 4}-.0438457{col 69}{space 3} .0786614
{txt}{space 9}union {c |}{col 16}{res}{space 2}-.0301899{col 28}{space 2} .0311669{col 39}{space 1}   -0.97{col 48}{space 3}0.333{col 56}{space 4}-.0913143{col 69}{space 3} .0309346
{txt}{space 12}rd {c |}{col 16}{res}{space 2}  .411327{col 28}{space 2} .2676986{col 39}{space 1}    1.54{col 48}{space 3}0.125{col 56}{space 4}-.1136832{col 69}{space 3} .9363372
{txt}{space 9}_cons {c |}{col 16}{res}{space 2} 1.467083{col 28}{space 2} .1058758{col 39}{space 1}   13.86{col 48}{space 3}0.000{col 56}{space 4}  1.25944{col 69}{space 3} 1.674727
{txt}{hline 15}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       49{col 27}{space 1}        0{col 39}{result}{space 1}       49{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est1{txt} stored)

{com}. eststo: xi: reghdfe gd_pay_diff_365 pr_quint_5 pr_quint_1 gd_pay_pre_365 size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1, absorb(indyr)
{res}{txt}(dropped 1 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     5,471
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   5312{txt}){col 67}= {res}    230.61
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.3836
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3652
{txt}{col 51}Within R-sq.{col 67}= {res}    0.3608
{txt}{col 51}Root MSE{col 67}= {res}    0.5099

{txt}{hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_pay_dif~365{col 16}{c |}      Coef.{col 28}   Std. Err.{col 40}      t{col 48}   P>|t|{col 56}     [95% Con{col 69}f. Interval]
{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}pr_quint_5 {c |}{col 16}{res}{space 2}-.0843228{col 28}{space 2} .0203139{col 39}{space 1}   -4.15{col 48}{space 3}0.000{col 56}{space 4}-.1241464{col 69}{space 3}-.0444993
{txt}{space 4}pr_quint_1 {c |}{col 16}{res}{space 2} .0429231{col 28}{space 2} .0220019{col 39}{space 1}    1.95{col 48}{space 3}0.051{col 56}{space 4}-.0002097{col 69}{space 3} .0860559
{txt}gd_pay_pre_365 {c |}{col 16}{res}{space 2}-.6618701{col 28}{space 2} .0121459{col 39}{space 1}  -54.49{col 48}{space 3}0.000{col 56}{space 4}-.6856811{col 69}{space 3}-.6380592
{txt}{space 10}size {c |}{col 16}{res}{space 2} .0661325{col 28}{space 2}    .0058{col 39}{space 1}   11.40{col 48}{space 3}0.000{col 56}{space 4} .0547621{col 69}{space 3} .0775029
{txt}{space 11}mtb {c |}{col 16}{res}{space 2} .0166702{col 28}{space 2} .0047132{col 39}{space 1}    3.54{col 48}{space 3}0.000{col 56}{space 4} .0074304{col 69}{space 3} .0259099
{txt}{space 11}roa {c |}{col 16}{res}{space 2} .1289984{col 28}{space 2} .0771196{col 39}{space 1}    1.67{col 48}{space 3}0.094{col 56}{space 4}-.0221877{col 69}{space 3} .2801845
{txt}{space 12}io {c |}{col 16}{res}{space 2} .0364814{col 28}{space 2} .0188904{col 39}{space 1}    1.93{col 48}{space 3}0.054{col 56}{space 4}-.0005516{col 69}{space 3} .0735144
{txt}{space 10}cash {c |}{col 16}{res}{space 2} .1135992{col 28}{space 2} .0587926{col 39}{space 1}    1.93{col 48}{space 3}0.053{col 56}{space 4}-.0016585{col 69}{space 3} .2288569
{txt}{space 11}lev {c |}{col 16}{res}{space 2}-.0478143{col 28}{space 2} .0308281{col 39}{space 1}   -1.55{col 48}{space 3}0.121{col 56}{space 4}  -.10825{col 69}{space 3} .0126213
{txt}{space 6}salesg_w {c |}{col 16}{res}{space 2} .1091035{col 28}{space 2} .0277273{col 39}{space 1}    3.93{col 48}{space 3}0.000{col 56}{space 4} .0547465{col 69}{space 3} .1634604
{txt}{space 11}tsr {c |}{col 16}{res}{space 2} .0265292{col 28}{space 2} .0118489{col 39}{space 1}    2.24{col 48}{space 3}0.025{col 56}{space 4} .0033005{col 69}{space 3} .0497578
{txt}{space 9}union {c |}{col 16}{res}{space 2}-.0091526{col 28}{space 2}  .017377{col 39}{space 1}   -0.53{col 48}{space 3}0.598{col 56}{space 4}-.0432187{col 69}{space 3} .0249135
{txt}{space 12}rd {c |}{col 16}{res}{space 2} .7164182{col 28}{space 2} .1516127{col 39}{space 1}    4.73{col 48}{space 3}0.000{col 56}{space 4} .4191951{col 69}{space 3} 1.013641
{txt}{space 9}_cons {c |}{col 16}{res}{space 2} 1.709401{col 28}{space 2} .0616098{col 39}{space 1}   27.75{col 48}{space 3}0.000{col 56}{space 4} 1.588621{col 69}{space 3} 1.830182
{txt}{hline 15}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      146{col 27}{space 1}        0{col 39}{result}{space 1}      146{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est2{txt} stored)

{com}. eststo: xi: reghdfe gd_pay_diff_365 ln_upr ln_epr gd_pay_pre_365 size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1, absorb(ffi49)
{res}{txt}(dropped 2 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     1,850
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   1790{txt}){col 67}= {res}     60.16
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.3157
{txt}{col 51}Adj R-squared{col 67}= {res}    0.2932
{txt}{col 51}Within R-sq.{col 67}= {res}    0.3041
{txt}{col 51}Root MSE{col 67}= {res}    0.5379

{txt}{hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_pay_dif~365{col 16}{c |}      Coef.{col 28}   Std. Err.{col 40}      t{col 48}   P>|t|{col 56}     [95% Con{col 69}f. Interval]
{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 8}ln_upr {c |}{col 16}{res}{space 2}-.0593565{col 28}{space 2} .0155274{col 39}{space 1}   -3.82{col 48}{space 3}0.000{col 56}{space 4}-.0898103{col 69}{space 3}-.0289026
{txt}{space 8}ln_epr {c |}{col 16}{res}{space 2}-.0108004{col 28}{space 2}  .061924{col 39}{space 1}   -0.17{col 48}{space 3}0.862{col 56}{space 4}-.1322513{col 69}{space 3} .1106506
{txt}gd_pay_pre_365 {c |}{col 16}{res}{space 2}-.6095806{col 28}{space 2} .0221263{col 39}{space 1}  -27.55{col 48}{space 3}0.000{col 56}{space 4}-.6529766{col 69}{space 3}-.5661846
{txt}{space 10}size {c |}{col 16}{res}{space 2} .0496075{col 28}{space 2} .0247664{col 39}{space 1}    2.00{col 48}{space 3}0.045{col 56}{space 4} .0010334{col 69}{space 3} .0981816
{txt}{space 11}mtb {c |}{col 16}{res}{space 2} .0079707{col 28}{space 2} .0100686{col 39}{space 1}    0.79{col 48}{space 3}0.429{col 56}{space 4}-.0117767{col 69}{space 3} .0277181
{txt}{space 11}roa {c |}{col 16}{res}{space 2} .1250876{col 28}{space 2} .1406185{col 39}{space 1}    0.89{col 48}{space 3}0.374{col 56}{space 4}-.1507062{col 69}{space 3} .4008813
{txt}{space 12}io {c |}{col 16}{res}{space 2} .1230547{col 28}{space 2} .0614431{col 39}{space 1}    2.00{col 48}{space 3}0.045{col 56}{space 4}  .002547{col 69}{space 3} .2435623
{txt}{space 10}cash {c |}{col 16}{res}{space 2} .1603263{col 28}{space 2}  .102049{col 39}{space 1}    1.57{col 48}{space 3}0.116{col 56}{space 4}-.0398214{col 69}{space 3} .3604739
{txt}{space 11}lev {c |}{col 16}{res}{space 2}-.0235801{col 28}{space 2} .0596922{col 39}{space 1}   -0.40{col 48}{space 3}0.693{col 56}{space 4}-.1406539{col 69}{space 3} .0934936
{txt}{space 6}salesg_w {c |}{col 16}{res}{space 2} .0247118{col 28}{space 2} .0471452{col 39}{space 1}    0.52{col 48}{space 3}0.600{col 56}{space 4}-.0677536{col 69}{space 3} .1171771
{txt}{space 11}tsr {c |}{col 16}{res}{space 2} .0202542{col 28}{space 2} .0320422{col 39}{space 1}    0.63{col 48}{space 3}0.527{col 56}{space 4}-.0425899{col 69}{space 3} .0830984
{txt}{space 9}union {c |}{col 16}{res}{space 2}-.0296932{col 28}{space 2} .0326371{col 39}{space 1}   -0.91{col 48}{space 3}0.363{col 56}{space 4} -.093704{col 69}{space 3} .0343176
{txt}{space 12}rd {c |}{col 16}{res}{space 2} .4736424{col 28}{space 2}  .274614{col 39}{space 1}    1.72{col 48}{space 3}0.085{col 56}{space 4}-.0649554{col 69}{space 3}  1.01224
{txt}{space 9}_cons {c |}{col 16}{res}{space 2} 1.591369{col 28}{space 2} .1380905{col 39}{space 1}   11.52{col 48}{space 3}0.000{col 56}{space 4} 1.320534{col 69}{space 3} 1.862205
{txt}{hline 15}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       47{col 27}{space 1}        0{col 39}{result}{space 1}       47{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est3{txt} stored)

{com}. eststo: xi: reghdfe gd_pay_diff_365 ln_upr ln_epr gd_pay_pre_365 size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1, absorb(indyr)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     5,188
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   5029{txt}){col 67}= {res}    221.07
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.3882
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3690
{txt}{col 51}Within R-sq.{col 67}= {res}    0.3636
{txt}{col 51}Root MSE{col 67}= {res}    0.5073

{txt}{hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_pay_dif~365{col 16}{c |}      Coef.{col 28}   Std. Err.{col 40}      t{col 48}   P>|t|{col 56}     [95% Con{col 69}f. Interval]
{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 8}ln_upr {c |}{col 16}{res}{space 2}-.0390745{col 28}{space 2}  .009083{col 39}{space 1}   -4.30{col 48}{space 3}0.000{col 56}{space 4}-.0568811{col 69}{space 3} -.021268
{txt}{space 8}ln_epr {c |}{col 16}{res}{space 2} -.157496{col 28}{space 2} .0344936{col 39}{space 1}   -4.57{col 48}{space 3}0.000{col 56}{space 4}-.2251185{col 69}{space 3}-.0898735
{txt}gd_pay_pre_365 {c |}{col 16}{res}{space 2}-.6669381{col 28}{space 2} .0125082{col 39}{space 1}  -53.32{col 48}{space 3}0.000{col 56}{space 4}-.6914596{col 69}{space 3}-.6424166
{txt}{space 10}size {c |}{col 16}{res}{space 2} .1102776{col 28}{space 2} .0136865{col 39}{space 1}    8.06{col 48}{space 3}0.000{col 56}{space 4} .0834462{col 69}{space 3} .1371091
{txt}{space 11}mtb {c |}{col 16}{res}{space 2} .0190204{col 28}{space 2} .0048394{col 39}{space 1}    3.93{col 48}{space 3}0.000{col 56}{space 4}  .009533{col 69}{space 3} .0285077
{txt}{space 11}roa {c |}{col 16}{res}{space 2}  .156759{col 28}{space 2} .0804642{col 39}{space 1}    1.95{col 48}{space 3}0.051{col 56}{space 4} -.000986{col 69}{space 3}  .314504
{txt}{space 12}io {c |}{col 16}{res}{space 2} .0418381{col 28}{space 2} .0190172{col 39}{space 1}    2.20{col 48}{space 3}0.028{col 56}{space 4} .0045562{col 69}{space 3}   .07912
{txt}{space 10}cash {c |}{col 16}{res}{space 2} .0758152{col 28}{space 2} .0607875{col 39}{space 1}    1.25{col 48}{space 3}0.212{col 56}{space 4}-.0433549{col 69}{space 3} .1949852
{txt}{space 11}lev {c |}{col 16}{res}{space 2}-.0500673{col 28}{space 2} .0315277{col 39}{space 1}   -1.59{col 48}{space 3}0.112{col 56}{space 4}-.1118754{col 69}{space 3} .0117407
{txt}{space 6}salesg_w {c |}{col 16}{res}{space 2} .0853344{col 28}{space 2} .0291037{col 39}{space 1}    2.93{col 48}{space 3}0.003{col 56}{space 4} .0282785{col 69}{space 3} .1423902
{txt}{space 11}tsr {c |}{col 16}{res}{space 2} .0242442{col 28}{space 2} .0118963{col 39}{space 1}    2.04{col 48}{space 3}0.042{col 56}{space 4} .0009223{col 69}{space 3} .0475662
{txt}{space 9}union {c |}{col 16}{res}{space 2}  .002524{col 28}{space 2} .0179084{col 39}{space 1}    0.14{col 48}{space 3}0.888{col 56}{space 4}-.0325843{col 69}{space 3} .0376323
{txt}{space 12}rd {c |}{col 16}{res}{space 2} .7310066{col 28}{space 2} .1582651{col 39}{space 1}    4.62{col 48}{space 3}0.000{col 56}{space 4} .4207379{col 69}{space 3} 1.041275
{txt}{space 9}_cons {c |}{col 16}{res}{space 2} 2.038826{col 28}{space 2}   .07621{col 39}{space 1}   26.75{col 48}{space 3}0.000{col 56}{space 4} 1.889422{col 69}{space 3} 2.188231
{txt}{hline 15}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      146{col 27}{space 1}        0{col 39}{result}{space 1}      146{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est4{txt} stored)

{com}. esttab using "Output/Tables/RF/T2_emp_payrating.csv", b(3) ar2 varwidth(25) title("Pay Rating") order(pr_quint_5 pr_quint_1 ln_upr ln_epr gd_pay_pre_365 size mtb roa io cash lev salesg_w tsr union rd) star(* 0.10 ** 0.05  *** 0.01 ) drop(_cons) replace
{res}{txt}(output written to {browse  `"Output/Tables/RF/T2_emp_payrating.csv"'})

{com}. 
. ***********************
. *Change in Productivity
. ***********************
. est clear
{txt}
{com}. eststo: xi: reghdfe ln_prod_diff pr_quint_5 pr_quint_1 ln_prod_pre_365 size mtb roa io cash lev salesg_w tsr union rd fixed_assets if sample_yr==1 ,absorb(ffi49)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     2,053
{txt}Absorbing 1 HDFE group{col 51}F({res}  14{txt},{res}   1990{txt}){col 67}= {res}      9.17
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.0865
{txt}{col 51}Adj R-squared{col 67}= {res}    0.0580
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0606
{txt}{col 51}Root MSE{col 67}= {res}    0.2932

{txt}{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}   ln_prod_diff{col 17}{c |}      Coef.{col 29}   Std. Err.{col 41}      t{col 49}   P>|t|{col 57}     [95% Con{col 70}f. Interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 5}pr_quint_5 {c |}{col 17}{res}{space 2}-.0453972{col 29}{space 2} .0199802{col 40}{space 1}   -2.27{col 49}{space 3}0.023{col 57}{space 4}-.0845815{col 70}{space 3}-.0062129
{txt}{space 5}pr_quint_1 {c |}{col 17}{res}{space 2} .0425611{col 29}{space 2} .0209591{col 40}{space 1}    2.03{col 49}{space 3}0.042{col 57}{space 4}  .001457{col 70}{space 3} .0836651
{txt}ln_prod_pre_365 {c |}{col 17}{res}{space 2}-.0754364{col 29}{space 2} .0092877{col 40}{space 1}   -8.12{col 49}{space 3}0.000{col 57}{space 4} -.093651{col 70}{space 3}-.0572218
{txt}{space 11}size {c |}{col 17}{res}{space 2} .0179717{col 29}{space 2} .0054748{col 40}{space 1}    3.28{col 49}{space 3}0.001{col 57}{space 4} .0072348{col 70}{space 3} .0287086
{txt}{space 12}mtb {c |}{col 17}{res}{space 2}-.0093577{col 29}{space 2} .0044499{col 40}{space 1}   -2.10{col 49}{space 3}0.036{col 57}{space 4}-.0180847{col 70}{space 3}-.0006307
{txt}{space 12}roa {c |}{col 17}{res}{space 2}  .091971{col 29}{space 2} .0615712{col 40}{space 1}    1.49{col 49}{space 3}0.135{col 57}{space 4}-.0287798{col 70}{space 3} .2127217
{txt}{space 13}io {c |}{col 17}{res}{space 2} .1013913{col 29}{space 2} .0291203{col 40}{space 1}    3.48{col 49}{space 3}0.001{col 57}{space 4} .0442819{col 70}{space 3} .1585007
{txt}{space 11}cash {c |}{col 17}{res}{space 2}-.1889266{col 29}{space 2} .0510092{col 40}{space 1}   -3.70{col 49}{space 3}0.000{col 57}{space 4}-.2889636{col 70}{space 3}-.0888896
{txt}{space 12}lev {c |}{col 17}{res}{space 2} .0242357{col 29}{space 2}  .030579{col 40}{space 1}    0.79{col 49}{space 3}0.428{col 57}{space 4}-.0357346{col 70}{space 3}  .084206
{txt}{space 7}salesg_w {c |}{col 17}{res}{space 2}-.0664967{col 29}{space 2} .0230059{col 40}{space 1}   -2.89{col 49}{space 3}0.004{col 57}{space 4} -.111615{col 70}{space 3}-.0213784
{txt}{space 12}tsr {c |}{col 17}{res}{space 2} .0717758{col 29}{space 2}  .016005{col 40}{space 1}    4.48{col 49}{space 3}0.000{col 57}{space 4} .0403876{col 70}{space 3} .1031641
{txt}{space 10}union {c |}{col 17}{res}{space 2}-.0334638{col 29}{space 2}  .016957{col 40}{space 1}   -1.97{col 49}{space 3}0.049{col 57}{space 4}-.0667192{col 70}{space 3}-.0002084
{txt}{space 13}rd {c |}{col 17}{res}{space 2} .2179089{col 29}{space 2} .1310721{col 40}{space 1}    1.66{col 49}{space 3}0.097{col 57}{space 4} -.039144{col 70}{space 3} .4749618
{txt}{space 3}fixed_assets {c |}{col 17}{res}{space 2} .0513916{col 29}{space 2} .0446277{col 40}{space 1}    1.15{col 49}{space 3}0.250{col 57}{space 4}-.0361302{col 70}{space 3} .1389135
{txt}{space 10}_cons {c |}{col 17}{res}{space 2} .2949332{col 29}{space 2} .0637006{col 40}{space 1}    4.63{col 49}{space 3}0.000{col 57}{space 4} .1700063{col 70}{space 3} .4198602
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       49{col 27}{space 1}        0{col 39}{result}{space 1}       49{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est1{txt} stored)

{com}. eststo: xi: reghdfe ln_prod_diff pr_quint_5 pr_quint_1 ln_prod_pre_365 size mtb roa io cash lev salesg_w tsr union rd fixed_assets if sample_yr!=1 ,absorb(indyr)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     5,527
{txt}Absorbing 1 HDFE group{col 51}F({res}  14{txt},{res}   5366{txt}){col 67}= {res}     44.06
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1744
{txt}{col 51}Adj R-squared{col 67}= {res}    0.1498
{txt}{col 51}Within R-sq.{col 67}= {res}    0.1031
{txt}{col 51}Root MSE{col 67}= {res}    0.3303

{txt}{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}   ln_prod_diff{col 17}{c |}      Coef.{col 29}   Std. Err.{col 41}      t{col 49}   P>|t|{col 57}     [95% Con{col 70}f. Interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 5}pr_quint_5 {c |}{col 17}{res}{space 2}  -.03078{col 29}{space 2} .0136658{col 40}{space 1}   -2.25{col 49}{space 3}0.024{col 57}{space 4}-.0575706{col 70}{space 3}-.0039894
{txt}{space 5}pr_quint_1 {c |}{col 17}{res}{space 2} .0120278{col 29}{space 2} .0137851{col 40}{space 1}    0.87{col 49}{space 3}0.383{col 57}{space 4}-.0149966{col 70}{space 3} .0390522
{txt}ln_prod_pre_365 {c |}{col 17}{res}{space 2}-.0847618{col 29}{space 2} .0062697{col 40}{space 1}  -13.52{col 49}{space 3}0.000{col 57}{space 4}-.0970529{col 70}{space 3}-.0724707
{txt}{space 11}size {c |}{col 17}{res}{space 2} .0158542{col 29}{space 2} .0037962{col 40}{space 1}    4.18{col 49}{space 3}0.000{col 57}{space 4}  .008412{col 70}{space 3} .0232963
{txt}{space 12}mtb {c |}{col 17}{res}{space 2} .0209526{col 29}{space 2} .0029171{col 40}{space 1}    7.18{col 49}{space 3}0.000{col 57}{space 4} .0152339{col 70}{space 3} .0266712
{txt}{space 12}roa {c |}{col 17}{res}{space 2}-.6620074{col 29}{space 2} .0465866{col 40}{space 1}  -14.21{col 49}{space 3}0.000{col 57}{space 4}-.7533361{col 70}{space 3}-.5706787
{txt}{space 13}io {c |}{col 17}{res}{space 2} .0097548{col 29}{space 2} .0159871{col 40}{space 1}    0.61{col 49}{space 3}0.542{col 57}{space 4}-.0215864{col 70}{space 3}  .041096
{txt}{space 11}cash {c |}{col 17}{res}{space 2}-.0026762{col 29}{space 2} .0382388{col 40}{space 1}   -0.07{col 49}{space 3}0.944{col 57}{space 4}-.0776398{col 70}{space 3} .0722875
{txt}{space 12}lev {c |}{col 17}{res}{space 2} .0561833{col 29}{space 2}  .019682{col 40}{space 1}    2.85{col 49}{space 3}0.004{col 57}{space 4} .0175985{col 70}{space 3} .0947681
{txt}{space 7}salesg_w {c |}{col 17}{res}{space 2}-.1329904{col 29}{space 2} .0170489{col 40}{space 1}   -7.80{col 49}{space 3}0.000{col 57}{space 4}-.1664131{col 70}{space 3}-.0995677
{txt}{space 12}tsr {c |}{col 17}{res}{space 2} .0076211{col 29}{space 2} .0075047{col 40}{space 1}    1.02{col 49}{space 3}0.310{col 57}{space 4}-.0070911{col 70}{space 3} .0223333
{txt}{space 10}union {c |}{col 17}{res}{space 2}-.0340404{col 29}{space 2} .0114015{col 40}{space 1}   -2.99{col 49}{space 3}0.003{col 57}{space 4}-.0563919{col 70}{space 3}-.0116888
{txt}{space 13}rd {c |}{col 17}{res}{space 2}-.6607406{col 29}{space 2}  .090825{col 40}{space 1}   -7.27{col 49}{space 3}0.000{col 57}{space 4}-.8387945{col 70}{space 3}-.4826867
{txt}{space 3}fixed_assets {c |}{col 17}{res}{space 2}-.0541059{col 29}{space 2} .0306897{col 40}{space 1}   -1.76{col 49}{space 3}0.078{col 57}{space 4}-.1142702{col 70}{space 3} .0060584
{txt}{space 10}_cons {c |}{col 17}{res}{space 2} .4329706{col 29}{space 2} .0451011{col 40}{space 1}    9.60{col 49}{space 3}0.000{col 57}{space 4} .3445542{col 70}{space 3}  .521387
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      147{col 27}{space 1}        0{col 39}{result}{space 1}      147{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est2{txt} stored)

{com}. eststo: xi: reghdfe ln_prod_diff ln_upr ln_epr ln_prod_pre_365 size mtb roa io cash lev salesg_w tsr union rd fixed_assets if sample_yr==1 ,absorb(ffi49)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     1,921
{txt}Absorbing 1 HDFE group{col 51}F({res}  14{txt},{res}   1858{txt}){col 67}= {res}      9.83
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.0985
{txt}{col 51}Adj R-squared{col 67}= {res}    0.0684
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0689
{txt}{col 51}Root MSE{col 67}= {res}    0.2826

{txt}{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}   ln_prod_diff{col 17}{c |}      Coef.{col 29}   Std. Err.{col 41}      t{col 49}   P>|t|{col 57}     [95% Con{col 70}f. Interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 9}ln_upr {c |}{col 17}{res}{space 2}-.0206331{col 29}{space 2}  .008279{col 40}{space 1}   -2.49{col 49}{space 3}0.013{col 57}{space 4}-.0368702{col 70}{space 3}-.0043959
{txt}{space 9}ln_epr {c |}{col 17}{res}{space 2}-.0835743{col 29}{space 2} .0335447{col 40}{space 1}   -2.49{col 49}{space 3}0.013{col 57}{space 4}-.1493636{col 70}{space 3}-.0177849
{txt}ln_prod_pre_365 {c |}{col 17}{res}{space 2}-.0887302{col 29}{space 2} .0101457{col 40}{space 1}   -8.75{col 49}{space 3}0.000{col 57}{space 4}-.1086283{col 70}{space 3}-.0688321
{txt}{space 11}size {c |}{col 17}{res}{space 2}  .044798{col 29}{space 2} .0137254{col 40}{space 1}    3.26{col 49}{space 3}0.001{col 57}{space 4} .0178791{col 70}{space 3} .0717168
{txt}{space 12}mtb {c |}{col 17}{res}{space 2}-.0099383{col 29}{space 2} .0043408{col 40}{space 1}   -2.29{col 49}{space 3}0.022{col 57}{space 4}-.0184517{col 70}{space 3} -.001425
{txt}{space 12}roa {c |}{col 17}{res}{space 2} .1386575{col 29}{space 2} .0615172{col 40}{space 1}    2.25{col 49}{space 3}0.024{col 57}{space 4} .0180074{col 70}{space 3} .2593076
{txt}{space 13}io {c |}{col 17}{res}{space 2} .1297321{col 29}{space 2} .0295521{col 40}{space 1}    4.39{col 49}{space 3}0.000{col 57}{space 4} .0717733{col 70}{space 3} .1876909
{txt}{space 11}cash {c |}{col 17}{res}{space 2}-.1697008{col 29}{space 2} .0511176{col 40}{space 1}   -3.32{col 49}{space 3}0.001{col 57}{space 4}-.2699547{col 70}{space 3} -.069447
{txt}{space 12}lev {c |}{col 17}{res}{space 2} .0092443{col 29}{space 2} .0301437{col 40}{space 1}    0.31{col 49}{space 3}0.759{col 57}{space 4}-.0498747{col 70}{space 3} .0683634
{txt}{space 7}salesg_w {c |}{col 17}{res}{space 2}-.0369499{col 29}{space 2} .0232147{col 40}{space 1}   -1.59{col 49}{space 3}0.112{col 57}{space 4}-.0824796{col 70}{space 3} .0085799
{txt}{space 12}tsr {c |}{col 17}{res}{space 2}  .070999{col 29}{space 2} .0157387{col 40}{space 1}    4.51{col 49}{space 3}0.000{col 57}{space 4} .0401316{col 70}{space 3} .1018665
{txt}{space 10}union {c |}{col 17}{res}{space 2}-.0312859{col 29}{space 2}   .01705{col 40}{space 1}   -1.83{col 49}{space 3}0.067{col 57}{space 4}-.0647251{col 70}{space 3} .0021533
{txt}{space 13}rd {c |}{col 17}{res}{space 2}  .229382{col 29}{space 2} .1282203{col 40}{space 1}    1.79{col 49}{space 3}0.074{col 57}{space 4}-.0220891{col 70}{space 3} .4808531
{txt}{space 3}fixed_assets {c |}{col 17}{res}{space 2} .0572828{col 29}{space 2} .0448293{col 40}{space 1}    1.28{col 49}{space 3}0.201{col 57}{space 4}-.0306383{col 70}{space 3} .1452038
{txt}{space 10}_cons {c |}{col 17}{res}{space 2} .4889366{col 29}{space 2}  .091755{col 40}{space 1}    5.33{col 49}{space 3}0.000{col 57}{space 4} .3089828{col 70}{space 3} .6688904
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       49{col 27}{space 1}        0{col 39}{result}{space 1}       49{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est3{txt} stored)

{com}. eststo: xi: reghdfe ln_prod_diff ln_upr ln_epr ln_prod_pre_365 size mtb roa io cash lev salesg_w tsr union rd fixed_assets if sample_yr!=1 ,absorb(indyr)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     5,273
{txt}Absorbing 1 HDFE group{col 51}F({res}  14{txt},{res}   5112{txt}){col 67}= {res}     41.37
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1793
{txt}{col 51}Adj R-squared{col 67}= {res}    0.1536
{txt}{col 51}Within R-sq.{col 67}= {res}    0.1018
{txt}{col 51}Root MSE{col 67}= {res}    0.3242

{txt}{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}   ln_prod_diff{col 17}{c |}      Coef.{col 29}   Std. Err.{col 41}      t{col 49}   P>|t|{col 57}     [95% Con{col 70}f. Interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 9}ln_upr {c |}{col 17}{res}{space 2} -.013004{col 29}{space 2} .0059566{col 40}{space 1}   -2.18{col 49}{space 3}0.029{col 57}{space 4}-.0246814{col 70}{space 3}-.0013265
{txt}{space 9}ln_epr {c |}{col 17}{res}{space 2}-.1119536{col 29}{space 2} .0227793{col 40}{space 1}   -4.91{col 49}{space 3}0.000{col 57}{space 4}-.1566107{col 70}{space 3}-.0672964
{txt}ln_prod_pre_365 {c |}{col 17}{res}{space 2}-.0980955{col 29}{space 2} .0069071{col 40}{space 1}  -14.20{col 49}{space 3}0.000{col 57}{space 4}-.1116364{col 70}{space 3}-.0845547
{txt}{space 11}size {c |}{col 17}{res}{space 2} .0534096{col 29}{space 2} .0092869{col 40}{space 1}    5.75{col 49}{space 3}0.000{col 57}{space 4} .0352033{col 70}{space 3}  .071616
{txt}{space 12}mtb {c |}{col 17}{res}{space 2} .0214098{col 29}{space 2} .0029271{col 40}{space 1}    7.31{col 49}{space 3}0.000{col 57}{space 4} .0156715{col 70}{space 3} .0271481
{txt}{space 12}roa {c |}{col 17}{res}{space 2}-.5837433{col 29}{space 2} .0487819{col 40}{space 1}  -11.97{col 49}{space 3}0.000{col 57}{space 4}-.6793766{col 70}{space 3}  -.48811
{txt}{space 13}io {c |}{col 17}{res}{space 2} .0116643{col 29}{space 2} .0159484{col 40}{space 1}    0.73{col 49}{space 3}0.465{col 57}{space 4}-.0196014{col 70}{space 3}   .04293
{txt}{space 11}cash {c |}{col 17}{res}{space 2}-.0436737{col 29}{space 2} .0387965{col 40}{space 1}   -1.13{col 49}{space 3}0.260{col 57}{space 4}-.1197315{col 70}{space 3} .0323841
{txt}{space 12}lev {c |}{col 17}{res}{space 2} .0772585{col 29}{space 2} .0198426{col 40}{space 1}    3.89{col 49}{space 3}0.000{col 57}{space 4} .0383586{col 70}{space 3} .1161584
{txt}{space 7}salesg_w {c |}{col 17}{res}{space 2}-.1401991{col 29}{space 2} .0175545{col 40}{space 1}   -7.99{col 49}{space 3}0.000{col 57}{space 4}-.1746134{col 70}{space 3}-.1057847
{txt}{space 12}tsr {c |}{col 17}{res}{space 2} .0084001{col 29}{space 2}   .00742{col 40}{space 1}    1.13{col 49}{space 3}0.258{col 57}{space 4}-.0061462{col 70}{space 3} .0229464
{txt}{space 10}union {c |}{col 17}{res}{space 2}-.0290689{col 29}{space 2} .0115367{col 40}{space 1}   -2.52{col 49}{space 3}0.012{col 57}{space 4}-.0516857{col 70}{space 3} -.006452
{txt}{space 13}rd {c |}{col 17}{res}{space 2} -.662878{col 29}{space 2} .0914624{col 40}{space 1}   -7.25{col 49}{space 3}0.000{col 57}{space 4}-.8421835{col 70}{space 3}-.4835726
{txt}{space 3}fixed_assets {c |}{col 17}{res}{space 2}-.0730759{col 29}{space 2} .0308814{col 40}{space 1}   -2.37{col 49}{space 3}0.018{col 57}{space 4}-.1336166{col 70}{space 3}-.0125351
{txt}{space 10}_cons {c |}{col 17}{res}{space 2} .6800043{col 29}{space 2} .0621203{col 40}{space 1}   10.95{col 49}{space 3}0.000{col 57}{space 4} .5582218{col 70}{space 3} .8017867
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      147{col 27}{space 1}        0{col 39}{result}{space 1}      147{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est4{txt} stored)

{com}. esttab using "Output/Tables/RF/T2_emp_prod.csv", b(3) ar2 varwidth(25) title("Productivity") order(pr_quint_5 pr_quint_1 ln_upr ln_epr ln_prod_pre_365 size mtb roa io cash lev salesg_w tsr union rd fixed_assets) star(* 0.10 ** 0.05  *** 0.01 ) drop(_cons) replace
{res}{txt}(output written to {browse  `"Output/Tables/RF/T2_emp_prod.csv"'})

{com}. 
. *************************
. *Change in CEO disapproval
. ************************* 
. est clear
{txt}
{com}. eststo: xi: reghdfe gd_ceodis_diff_365 pr_quint_5 pr_quint_1 gd_ceodis_pre_365 size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1 ,absorb(ffi49)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     2,006
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   1944{txt}){col 67}= {res}     57.40
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.2908
{txt}{col 51}Adj R-squared{col 67}= {res}    0.2685
{txt}{col 51}Within R-sq.{col 67}= {res}    0.2774
{txt}{col 51}Root MSE{col 67}= {res}    0.0816

{txt}{hline 18}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_ceodis_dif~365{col 19}{c |}      Coef.{col 31}   Std. Err.{col 43}      t{col 51}   P>|t|{col 59}     [95% Con{col 72}f. Interval]
{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 7}pr_quint_5 {c |}{col 19}{res}{space 2} .0191801{col 31}{space 2} .0053745{col 42}{space 1}    3.57{col 51}{space 3}0.000{col 59}{space 4} .0086398{col 72}{space 3} .0297205
{txt}{space 7}pr_quint_1 {c |}{col 19}{res}{space 2}-.0036044{col 31}{space 2} .0061084{col 42}{space 1}   -0.59{col 51}{space 3}0.555{col 59}{space 4}-.0155842{col 72}{space 3} .0083753
{txt}gd_ceodis_pre_365 {c |}{col 19}{res}{space 2}-.4858802{col 31}{space 2} .0180677{col 42}{space 1}  -26.89{col 51}{space 3}0.000{col 59}{space 4}-.5213144{col 72}{space 3} -.450446
{txt}{space 13}size {c |}{col 19}{res}{space 2}-.0002673{col 31}{space 2} .0014639{col 42}{space 1}   -0.18{col 51}{space 3}0.855{col 59}{space 4}-.0031384{col 72}{space 3} .0026038
{txt}{space 14}mtb {c |}{col 19}{res}{space 2}-.0011166{col 31}{space 2} .0014787{col 42}{space 1}   -0.76{col 51}{space 3}0.450{col 59}{space 4}-.0040166{col 72}{space 3} .0017835
{txt}{space 14}roa {c |}{col 19}{res}{space 2}-.0228881{col 31}{space 2}  .020046{col 42}{space 1}   -1.14{col 51}{space 3}0.254{col 59}{space 4} -.062202{col 72}{space 3} .0164259
{txt}{space 15}io {c |}{col 19}{res}{space 2}  -.00922{col 31}{space 2} .0085493{col 42}{space 1}   -1.08{col 51}{space 3}0.281{col 59}{space 4}-.0259868{col 72}{space 3} .0075468
{txt}{space 13}cash {c |}{col 19}{res}{space 2} .0116653{col 31}{space 2} .0148187{col 42}{space 1}    0.79{col 51}{space 3}0.431{col 59}{space 4} -.017397{col 72}{space 3} .0407275
{txt}{space 14}lev {c |}{col 19}{res}{space 2} .0062393{col 31}{space 2} .0087937{col 42}{space 1}    0.71{col 51}{space 3}0.478{col 59}{space 4}-.0110068{col 72}{space 3} .0234854
{txt}{space 9}salesg_w {c |}{col 19}{res}{space 2}-.0063436{col 31}{space 2} .0066539{col 42}{space 1}   -0.95{col 51}{space 3}0.341{col 59}{space 4}-.0193932{col 72}{space 3}  .006706
{txt}{space 14}tsr {c |}{col 19}{res}{space 2}-.0014288{col 31}{space 2} .0045523{col 42}{space 1}   -0.31{col 51}{space 3}0.754{col 59}{space 4}-.0103566{col 72}{space 3} .0074991
{txt}{space 12}union {c |}{col 19}{res}{space 2} .0042124{col 31}{space 2} .0047396{col 42}{space 1}    0.89{col 51}{space 3}0.374{col 59}{space 4}-.0050828{col 72}{space 3} .0135076
{txt}{space 15}rd {c |}{col 19}{res}{space 2} .0182045{col 31}{space 2} .0395221{col 42}{space 1}    0.46{col 51}{space 3}0.645{col 59}{space 4}-.0593056{col 72}{space 3} .0957146
{txt}{space 12}_cons {c |}{col 19}{res}{space 2} .0260633{col 31}{space 2} .0139029{col 42}{space 1}    1.87{col 51}{space 3}0.061{col 59}{space 4}-.0012029{col 72}{space 3} .0533294
{txt}{hline 18}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       49{col 27}{space 1}        0{col 39}{result}{space 1}       49{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est1{txt} stored)

{com}. eststo: xi: reghdfe gd_ceodis_diff_365 pr_quint_5 pr_quint_1 gd_ceodis_pre_365 size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1 ,absorb(indyr)
{res}{txt}(dropped 1 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     5,536
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   5377{txt}){col 67}= {res}    381.75
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.5136
{txt}{col 51}Adj R-squared{col 67}= {res}    0.4993
{txt}{col 51}Within R-sq.{col 67}= {res}    0.4800
{txt}{col 51}Root MSE{col 67}= {res}    0.0925

{txt}{hline 18}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_ceodis_dif~365{col 19}{c |}      Coef.{col 31}   Std. Err.{col 43}      t{col 51}   P>|t|{col 59}     [95% Con{col 72}f. Interval]
{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 7}pr_quint_5 {c |}{col 19}{res}{space 2} .0006868{col 31}{space 2} .0036614{col 42}{space 1}    0.19{col 51}{space 3}0.851{col 59}{space 4} -.006491{col 72}{space 3} .0078646
{txt}{space 7}pr_quint_1 {c |}{col 19}{res}{space 2} .0006656{col 31}{space 2} .0039436{col 42}{space 1}    0.17{col 51}{space 3}0.866{col 59}{space 4}-.0070654{col 72}{space 3} .0083966
{txt}gd_ceodis_pre_365 {c |}{col 19}{res}{space 2}-.7214561{col 31}{space 2} .0102664{col 42}{space 1}  -70.27{col 51}{space 3}0.000{col 59}{space 4}-.7415824{col 72}{space 3}-.7013297
{txt}{space 13}size {c |}{col 19}{res}{space 2}-.0036025{col 31}{space 2}  .001021{col 42}{space 1}   -3.53{col 51}{space 3}0.000{col 59}{space 4} -.005604{col 72}{space 3} -.001601
{txt}{space 14}mtb {c |}{col 19}{res}{space 2}-.0017736{col 31}{space 2} .0008434{col 42}{space 1}   -2.10{col 51}{space 3}0.036{col 59}{space 4} -.003427{col 72}{space 3}-.0001202
{txt}{space 14}roa {c |}{col 19}{res}{space 2}-.0295346{col 31}{space 2} .0135866{col 42}{space 1}   -2.17{col 51}{space 3}0.030{col 59}{space 4}-.0561698{col 72}{space 3}-.0028994
{txt}{space 15}io {c |}{col 19}{res}{space 2} .0003927{col 31}{space 2} .0034201{col 42}{space 1}    0.11{col 51}{space 3}0.909{col 59}{space 4}-.0063121{col 72}{space 3} .0070975
{txt}{space 13}cash {c |}{col 19}{res}{space 2}-.0019565{col 31}{space 2} .0105663{col 42}{space 1}   -0.19{col 51}{space 3}0.853{col 59}{space 4}-.0226708{col 72}{space 3} .0187578
{txt}{space 14}lev {c |}{col 19}{res}{space 2} -.002063{col 31}{space 2} .0054942{col 42}{space 1}   -0.38{col 51}{space 3}0.707{col 59}{space 4}-.0128339{col 72}{space 3} .0087078
{txt}{space 9}salesg_w {c |}{col 19}{res}{space 2}-.0145415{col 31}{space 2} .0049675{col 42}{space 1}   -2.93{col 51}{space 3}0.003{col 59}{space 4}-.0242797{col 72}{space 3}-.0048032
{txt}{space 14}tsr {c |}{col 19}{res}{space 2} -.002253{col 31}{space 2} .0021411{col 42}{space 1}   -1.05{col 51}{space 3}0.293{col 59}{space 4}-.0064504{col 72}{space 3} .0019444
{txt}{space 12}union {c |}{col 19}{res}{space 2} .0077667{col 31}{space 2} .0031331{col 42}{space 1}    2.48{col 51}{space 3}0.013{col 59}{space 4} .0016245{col 72}{space 3} .0139088
{txt}{space 15}rd {c |}{col 19}{res}{space 2}-.0154955{col 31}{space 2} .0272185{col 42}{space 1}   -0.57{col 51}{space 3}0.569{col 59}{space 4}-.0688549{col 72}{space 3} .0378638
{txt}{space 12}_cons {c |}{col 19}{res}{space 2} .0927042{col 31}{space 2} .0097702{col 42}{space 1}    9.49{col 51}{space 3}0.000{col 59}{space 4} .0735506{col 72}{space 3} .1118577
{txt}{hline 18}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      146{col 27}{space 1}        0{col 39}{result}{space 1}      146{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est2{txt} stored)

{com}. eststo: xi: reghdfe gd_ceodis_diff_365 ln_upr ln_epr gd_ceodis_pre_365 size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1 ,absorb(ffi49)
{res}{txt}(dropped 1 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     1,870
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   1809{txt}){col 67}= {res}     53.05
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.2911
{txt}{col 51}Adj R-squared{col 67}= {res}    0.2676
{txt}{col 51}Within R-sq.{col 67}= {res}    0.2760
{txt}{col 51}Root MSE{col 67}= {res}    0.0771

{txt}{hline 18}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_ceodis_dif~365{col 19}{c |}      Coef.{col 31}   Std. Err.{col 43}      t{col 51}   P>|t|{col 59}     [95% Con{col 72}f. Interval]
{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 11}ln_upr {c |}{col 19}{res}{space 2} .0048184{col 31}{space 2} .0022133{col 42}{space 1}    2.18{col 51}{space 3}0.030{col 59}{space 4} .0004775{col 72}{space 3} .0091592
{txt}{space 11}ln_epr {c |}{col 19}{res}{space 2} .0155472{col 31}{space 2} .0087995{col 42}{space 1}    1.77{col 51}{space 3}0.077{col 59}{space 4}-.0017111{col 72}{space 3} .0328054
{txt}gd_ceodis_pre_365 {c |}{col 19}{res}{space 2}-.4647943{col 31}{space 2} .0180514{col 42}{space 1}  -25.75{col 51}{space 3}0.000{col 59}{space 4}-.5001981{col 72}{space 3}-.4293906
{txt}{space 13}size {c |}{col 19}{res}{space 2}-.0041577{col 31}{space 2} .0035006{col 42}{space 1}   -1.19{col 51}{space 3}0.235{col 59}{space 4}-.0110234{col 72}{space 3} .0027079
{txt}{space 14}mtb {c |}{col 19}{res}{space 2}-.0013827{col 31}{space 2}  .001426{col 42}{space 1}   -0.97{col 51}{space 3}0.332{col 59}{space 4}-.0041795{col 72}{space 3} .0014141
{txt}{space 14}roa {c |}{col 19}{res}{space 2}-.0229291{col 31}{space 2} .0195501{col 42}{space 1}   -1.17{col 51}{space 3}0.241{col 59}{space 4}-.0612723{col 72}{space 3}  .015414
{txt}{space 15}io {c |}{col 19}{res}{space 2}-.0114742{col 31}{space 2} .0087166{col 42}{space 1}   -1.32{col 51}{space 3}0.188{col 59}{space 4}  -.02857{col 72}{space 3} .0056215
{txt}{space 13}cash {c |}{col 19}{res}{space 2} .0238571{col 31}{space 2} .0145967{col 42}{space 1}    1.63{col 51}{space 3}0.102{col 59}{space 4}-.0047711{col 72}{space 3} .0524852
{txt}{space 14}lev {c |}{col 19}{res}{space 2} .0065136{col 31}{space 2}  .008559{col 42}{space 1}    0.76{col 51}{space 3}0.447{col 59}{space 4} -.010273{col 72}{space 3} .0233002
{txt}{space 9}salesg_w {c |}{col 19}{res}{space 2} .0016083{col 31}{space 2}  .006696{col 42}{space 1}    0.24{col 51}{space 3}0.810{col 59}{space 4}-.0115244{col 72}{space 3} .0147409
{txt}{space 14}tsr {c |}{col 19}{res}{space 2}-.0015195{col 31}{space 2} .0043899{col 42}{space 1}   -0.35{col 51}{space 3}0.729{col 59}{space 4}-.0101293{col 72}{space 3} .0070903
{txt}{space 12}union {c |}{col 19}{res}{space 2} .0028431{col 31}{space 2} .0046664{col 42}{space 1}    0.61{col 51}{space 3}0.542{col 59}{space 4}-.0063091{col 72}{space 3} .0119952
{txt}{space 15}rd {c |}{col 19}{res}{space 2}-.0096184{col 31}{space 2} .0381163{col 42}{space 1}   -0.25{col 51}{space 3}0.801{col 59}{space 4}-.0843749{col 72}{space 3} .0651381
{txt}{space 12}_cons {c |}{col 19}{res}{space 2}-.0080413{col 31}{space 2} .0174059{col 42}{space 1}   -0.46{col 51}{space 3}0.644{col 59}{space 4} -.042179{col 72}{space 3} .0260964
{txt}{hline 18}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       48{col 27}{space 1}        0{col 39}{result}{space 1}       48{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est3{txt} stored)

{com}. eststo: xi: reghdfe gd_ceodis_diff_365 ln_upr ln_epr gd_ceodis_pre_365 size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1 ,absorb(indyr)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     5,250
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   5091{txt}){col 67}= {res}    360.38
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.5153
{txt}{col 51}Adj R-squared{col 67}= {res}    0.5002
{txt}{col 51}Within R-sq.{col 67}= {res}    0.4792
{txt}{col 51}Root MSE{col 67}= {res}    0.0920

{txt}{hline 18}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_ceodis_dif~365{col 19}{c |}      Coef.{col 31}   Std. Err.{col 43}      t{col 51}   P>|t|{col 59}     [95% Con{col 72}f. Interval]
{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 11}ln_upr {c |}{col 19}{res}{space 2} .0004141{col 31}{space 2} .0016287{col 42}{space 1}    0.25{col 51}{space 3}0.799{col 59}{space 4}-.0027788{col 72}{space 3} .0036071
{txt}{space 11}ln_epr {c |}{col 19}{res}{space 2}  .011185{col 31}{space 2}  .006131{col 42}{space 1}    1.82{col 51}{space 3}0.068{col 59}{space 4}-.0008343{col 72}{space 3} .0232044
{txt}gd_ceodis_pre_365 {c |}{col 19}{res}{space 2}-.7235908{col 31}{space 2} .0106029{col 42}{space 1}  -68.24{col 51}{space 3}0.000{col 59}{space 4} -.744377{col 72}{space 3}-.7028046
{txt}{space 13}size {c |}{col 19}{res}{space 2}-.0079514{col 31}{space 2} .0024254{col 42}{space 1}   -3.28{col 51}{space 3}0.001{col 59}{space 4}-.0127062{col 72}{space 3}-.0031966
{txt}{space 14}mtb {c |}{col 19}{res}{space 2}-.0019952{col 31}{space 2}  .000865{col 42}{space 1}   -2.31{col 51}{space 3}0.021{col 59}{space 4}-.0036909{col 72}{space 3}-.0002995
{txt}{space 14}roa {c |}{col 19}{res}{space 2}-.0307312{col 31}{space 2}  .014141{col 42}{space 1}   -2.17{col 51}{space 3}0.030{col 59}{space 4}-.0584536{col 72}{space 3}-.0030087
{txt}{space 15}io {c |}{col 19}{res}{space 2} .0014629{col 31}{space 2} .0034413{col 42}{space 1}    0.43{col 51}{space 3}0.671{col 59}{space 4}-.0052835{col 72}{space 3} .0082093
{txt}{space 13}cash {c |}{col 19}{res}{space 2} .0018858{col 31}{space 2} .0109135{col 42}{space 1}    0.17{col 51}{space 3}0.863{col 59}{space 4}-.0195093{col 72}{space 3}  .023281
{txt}{space 14}lev {c |}{col 19}{res}{space 2}-.0014712{col 31}{space 2} .0056862{col 42}{space 1}   -0.26{col 51}{space 3}0.796{col 59}{space 4}-.0126186{col 72}{space 3} .0096762
{txt}{space 9}salesg_w {c |}{col 19}{res}{space 2}-.0148841{col 31}{space 2} .0052185{col 42}{space 1}   -2.85{col 51}{space 3}0.004{col 59}{space 4}-.0251146{col 72}{space 3}-.0046535
{txt}{space 14}tsr {c |}{col 19}{res}{space 2}-.0015915{col 31}{space 2} .0021504{col 42}{space 1}   -0.74{col 51}{space 3}0.459{col 59}{space 4}-.0058071{col 72}{space 3} .0026242
{txt}{space 12}union {c |}{col 19}{res}{space 2} .0062378{col 31}{space 2} .0032257{col 42}{space 1}    1.93{col 51}{space 3}0.053{col 59}{space 4}-.0000859{col 72}{space 3} .0125616
{txt}{space 15}rd {c |}{col 19}{res}{space 2}-.0159622{col 31}{space 2} .0284777{col 42}{space 1}   -0.56{col 51}{space 3}0.575{col 59}{space 4}-.0717907{col 72}{space 3} .0398662
{txt}{space 12}_cons {c |}{col 19}{res}{space 2} .0790955{col 31}{space 2}  .012132{col 42}{space 1}    6.52{col 51}{space 3}0.000{col 59}{space 4} .0553115{col 72}{space 3} .1028795
{txt}{hline 18}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      146{col 27}{space 1}        0{col 39}{result}{space 1}      146{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est4{txt} stored)

{com}. esttab using "Output/Tables/RF/T2_emp_ceodis.csv", b(3) ar2 varwidth(25) title("CEO Disapproval") order(pr_quint_5 pr_quint_1 ln_upr ln_epr gd_ceodis_pre_365 size mtb roa io cash lev salesg_w tsr union rd) star(* 0.10 ** 0.05  *** 0.01 ) drop(_cons) replace
{res}{txt}(output written to {browse  `"Output/Tables/RF/T2_emp_ceodis.csv"'})

{com}. 
. *******************************************
. *Yearly correlation (untabulated, Sec. 3.2)
. *******************************************
. est clear
{txt}
{com}. pwcorr gd_pay_post_365 gd_pay_pre_365

             {txt}{c |} gd_pay.. gd_pay..
{hline 13}{c +}{hline 18}
gd_pay_pos~5 {c |} {res}  1.0000 
{txt}gd_pay_pr~65 {c |} {res}  0.4726   1.0000 
{txt}
{com}. pwcorr gd_ceodis_post_365 gd_ceodis_pre_365

             {txt}{c |} gd_ceo.. gd_ceo..
{hline 13}{c +}{hline 18}
gd_ceo~t_365 {c |} {res}  1.0000 
{txt}gd_ceo~e_365 {c |} {res}  0.4467   1.0000 
{txt}
{com}. 
. ********************************************************
. *Averaages for economic magnitude (untabulated, Sec 4.2)
. ********************************************************
. est clear
{txt}
{com}. *Changes in employee variables year 1
. tabstat gd_pay_diff_365 ln_prod_diff gd_ceodis_diff_365 if(sample_yr==1), stat(mean sd) col(stat)long

{txt}{ralign 12:variable} {...}
{c |}      mean        sd
{hline 13}{c +}{hline 20}
{ralign 12:gd_pay_d~365} {...}
{c |}{...}
 {res} .0486012  .6351462
{txt}{ralign 12:ln_prod_diff} {...}
{c |}{...}
 {res} .0378666  .2986334
{txt}{ralign 12:gd_ceo~f_365} {...}
{c |}{...}
 {res}-.0079641   .095457
{txt}{hline 13}{c BT}{hline 20}

{com}. *Changes in employee variables year 1 by quintile
. tabstat gd_pay_diff_365 ln_prod_diff gd_ceodis_diff_365 if(sample_yr==1), by(pr_quint) stat(mean sd) col(stat)long

{txt}{lalign 8:pr_quint} {...}
{ralign 12:variable} {...}
{c |}      mean        sd
{hline 22}{c +}{hline 20}
{lalign 8:1} {...}
{ralign 12:gd_pay_d~365} {...}
{c |}{...}
 {res} .0667784   .887931
{space 8} {...}
{txt}{ralign 12:ln_prod_diff} {...}
{c |}{...}
 {res} .0356882  .5709825
{space 8} {...}
{txt}{ralign 12:gd_ceo~f_365} {...}
{c |}{...}
 {res}-.0035258  .1291579
{txt}{hline 22}{c +}{hline 20}
{lalign 8:2} {...}
{ralign 12:gd_pay_d~365} {...}
{c |}{...}
 {res} .0692535  .8010279
{space 8} {...}
{txt}{ralign 12:ln_prod_diff} {...}
{c |}{...}
 {res} .0408263  .2475249
{space 8} {...}
{txt}{ralign 12:gd_ceo~f_365} {...}
{c |}{...}
 {res}-.0072272  .0988978
{txt}{hline 22}{c +}{hline 20}
{lalign 8:3} {...}
{ralign 12:gd_pay_d~365} {...}
{c |}{...}
 {res} .0052399  .6316786
{space 8} {...}
{txt}{ralign 12:ln_prod_diff} {...}
{c |}{...}
 {res} .0436017  .2155023
{space 8} {...}
{txt}{ralign 12:gd_ceo~f_365} {...}
{c |}{...}
 {res}-.0067953  .1086882
{txt}{hline 22}{c +}{hline 20}
{lalign 8:4} {...}
{ralign 12:gd_pay_d~365} {...}
{c |}{...}
 {res} .0648709  .4763115
{space 8} {...}
{txt}{ralign 12:ln_prod_diff} {...}
{c |}{...}
 {res}  .035571  .1704787
{space 8} {...}
{txt}{ralign 12:gd_ceo~f_365} {...}
{c |}{...}
 {res}-.0115419  .0796288
{txt}{hline 22}{c +}{hline 20}
{lalign 8:5} {...}
{ralign 12:gd_pay_d~365} {...}
{c |}{...}
 {res} .0428431  .3773146
{space 8} {...}
{txt}{ralign 12:ln_prod_diff} {...}
{c |}{...}
 {res} .0337117  .1398717
{space 8} {...}
{txt}{ralign 12:gd_ceo~f_365} {...}
{c |}{...}
 {res}-.0089034  .0645288
{txt}{hline 22}{c +}{hline 20}
{lalign 8:Total} {...}
{ralign 12:gd_pay_d~365} {...}
{c |}{...}
 {res} .0486012  .6351462
{space 8} {...}
{txt}{ralign 12:ln_prod_diff} {...}
{c |}{...}
 {res} .0378666  .2986334
{space 8} {...}
{txt}{ralign 12:gd_ceo~f_365} {...}
{c |}{...}
 {res}-.0079641   .095457
{txt}{hline 22}{c BT}{hline 20}

{com}. *Changes in employee variables year 1 for quintiles 2 to 4
. tabstat gd_pay_diff_365 ln_prod_diff gd_ceodis_diff_365 if(sample_yr==1 & pr_quint>1 & pr_quint<5), stat(mean sd) col(stat)long

{txt}{ralign 12:variable} {...}
{c |}      mean        sd
{hline 13}{c +}{hline 20}
{ralign 12:gd_pay_d~365} {...}
{c |}{...}
 {res}  .046746  .6440645
{txt}{ralign 12:ln_prod_diff} {...}
{c |}{...}
 {res} .0399281  .2128037
{txt}{ralign 12:gd_ceo~f_365} {...}
{c |}{...}
 {res}-.0086133  .0960177
{txt}{hline 13}{c BT}{hline 20}

{com}. 
{txt}end of do-file

{com}. 
. // ------------------------ Table 3: Employee Response by Industry and Geography
. do Code/produce_table3
{txt}
{com}. 
. ************************************************************************************************************
. **#                                                     TABLE 3 - EMPLOYEE RESPONSE BY INDUSTRY AND GEOGRAPHY
. ************************************************************************************************************
. 
. capture cd "/Users/joshw/CEO Pay Ratio/Analysis/"
{txt}
{com}. use "Data/Temp/dataset_main.dta", clear
{txt}
{com}. 
. ******************************************
. *PANEL A - INDUSTRY
. ******************************************
. 
. *********************
. *Change in Pay Rating
. *********************
. est clear
{txt}
{com}. eststo: xi: reghdfe gd_pay_diff_365 pr_quint_ind_5 pr_quint_ind_1 gd_pay_pre_365 size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1, noabsorb
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     1,984
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   1970{txt}){col 67}= {res}     57.86
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.2763
{txt}{col 51}Adj R-squared{col 67}= {res}    0.2715
{txt}{col 51}Within R-sq.{col 67}= {res}    0.2763
{txt}{col 51}Root MSE{col 67}= {res}    0.5421

{txt}{hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_pay_dif~365{col 16}{c |}      Coef.{col 28}   Std. Err.{col 40}      t{col 48}   P>|t|{col 56}     [95% Con{col 69}f. Interval]
{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
pr_quint_ind_5 {c |}{col 16}{res}{space 2}-.0816485{col 28}{space 2} .0323771{col 39}{space 1}   -2.52{col 48}{space 3}0.012{col 56}{space 4}-.1451455{col 69}{space 3}-.0181514
{txt}pr_quint_ind_1 {c |}{col 16}{res}{space 2} .0721133{col 28}{space 2} .0376009{col 39}{space 1}    1.92{col 48}{space 3}0.055{col 56}{space 4}-.0016285{col 69}{space 3}  .145855
{txt}gd_pay_pre_365 {c |}{col 16}{res}{space 2}-.5542415{col 28}{space 2} .0203859{col 39}{space 1}  -27.19{col 48}{space 3}0.000{col 56}{space 4}-.5942218{col 69}{space 3}-.5142613
{txt}{space 10}size {c |}{col 16}{res}{space 2} .0575239{col 28}{space 2}  .009012{col 39}{space 1}    6.38{col 48}{space 3}0.000{col 56}{space 4} .0398498{col 69}{space 3} .0751979
{txt}{space 11}mtb {c |}{col 16}{res}{space 2} .0116225{col 28}{space 2} .0094721{col 39}{space 1}    1.23{col 48}{space 3}0.220{col 56}{space 4}-.0069538{col 69}{space 3} .0301988
{txt}{space 11}roa {c |}{col 16}{res}{space 2} .0024691{col 28}{space 2} .1298639{col 39}{space 1}    0.02{col 48}{space 3}0.985{col 56}{space 4} -.252216{col 69}{space 3} .2571542
{txt}{space 12}io {c |}{col 16}{res}{space 2} .0874786{col 28}{space 2}   .05561{col 39}{space 1}    1.57{col 48}{space 3}0.116{col 56}{space 4} -.021582{col 69}{space 3} .1965393
{txt}{space 10}cash {c |}{col 16}{res}{space 2} .1947168{col 28}{space 2} .0949085{col 39}{space 1}    2.05{col 48}{space 3}0.040{col 56}{space 4} .0085852{col 69}{space 3} .3808485
{txt}{space 11}lev {c |}{col 16}{res}{space 2} .0238596{col 28}{space 2} .0532088{col 39}{space 1}    0.45{col 48}{space 3}0.654{col 56}{space 4}-.0804919{col 69}{space 3} .1282111
{txt}{space 6}salesg_w {c |}{col 16}{res}{space 2} .0770784{col 28}{space 2} .0434586{col 39}{space 1}    1.77{col 48}{space 3}0.076{col 56}{space 4}-.0081512{col 69}{space 3}  .162308
{txt}{space 11}tsr {c |}{col 16}{res}{space 2} .0099185{col 28}{space 2} .0309434{col 39}{space 1}    0.32{col 48}{space 3}0.749{col 56}{space 4}-.0507668{col 69}{space 3} .0706038
{txt}{space 9}union {c |}{col 16}{res}{space 2} .0317013{col 28}{space 2} .0262034{col 39}{space 1}    1.21{col 48}{space 3}0.226{col 56}{space 4}-.0196879{col 69}{space 3} .0830905
{txt}{space 12}rd {c |}{col 16}{res}{space 2} .4646695{col 28}{space 2}  .242234{col 39}{space 1}    1.92{col 48}{space 3}0.055{col 56}{space 4}-.0103923{col 69}{space 3} .9397312
{txt}{space 9}_cons {c |}{col 16}{res}{space 2} 1.284546{col 28}{space 2} .1023286{col 39}{space 1}   12.55{col 48}{space 3}0.000{col 56}{space 4} 1.083862{col 69}{space 3} 1.485229
{txt}{hline 15}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
({res}est1{txt} stored)

{com}. eststo: xi: reghdfe gd_pay_diff_365 pr_quint_ind_5 pr_quint_ind_1 gd_pay_pre_365 size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1, absorb(sample_yr)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     5,472
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   5456{txt}){col 67}= {res}    211.07
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.3438
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3420
{txt}{col 51}Within R-sq.{col 67}= {res}    0.3346
{txt}{col 51}Root MSE{col 67}= {res}    0.5192

{txt}{hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_pay_dif~365{col 16}{c |}      Coef.{col 28}   Std. Err.{col 40}      t{col 48}   P>|t|{col 56}     [95% Con{col 69}f. Interval]
{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
pr_quint_ind_5 {c |}{col 16}{res}{space 2}-.0956604{col 28}{space 2} .0186589{col 39}{space 1}   -5.13{col 48}{space 3}0.000{col 56}{space 4}-.1322393{col 69}{space 3}-.0590815
{txt}pr_quint_ind_1 {c |}{col 16}{res}{space 2} .0161907{col 28}{space 2} .0205144{col 39}{space 1}    0.79{col 48}{space 3}0.430{col 56}{space 4}-.0240256{col 69}{space 3}  .056407
{txt}gd_pay_pre_365 {c |}{col 16}{res}{space 2}-.6155573{col 28}{space 2}  .011811{col 39}{space 1}  -52.12{col 48}{space 3}0.000{col 56}{space 4}-.6387116{col 69}{space 3} -.592403
{txt}{space 10}size {c |}{col 16}{res}{space 2} .0642918{col 28}{space 2} .0052981{col 39}{space 1}   12.13{col 48}{space 3}0.000{col 56}{space 4} .0539054{col 69}{space 3} .0746782
{txt}{space 11}mtb {c |}{col 16}{res}{space 2} .0217629{col 28}{space 2} .0045111{col 39}{space 1}    4.82{col 48}{space 3}0.000{col 56}{space 4} .0129193{col 69}{space 3} .0306065
{txt}{space 11}roa {c |}{col 16}{res}{space 2} .0481092{col 28}{space 2} .0732438{col 39}{space 1}    0.66{col 48}{space 3}0.511{col 56}{space 4}-.0954779{col 69}{space 3} .1916962
{txt}{space 12}io {c |}{col 16}{res}{space 2} .0366115{col 28}{space 2} .0189458{col 39}{space 1}    1.93{col 48}{space 3}0.053{col 56}{space 4}-.0005298{col 69}{space 3} .0737529
{txt}{space 10}cash {c |}{col 16}{res}{space 2} .0762052{col 28}{space 2} .0561225{col 39}{space 1}    1.36{col 48}{space 3}0.175{col 56}{space 4}-.0338174{col 69}{space 3} .1862278
{txt}{space 11}lev {c |}{col 16}{res}{space 2}-.0939828{col 28}{space 2} .0280886{col 39}{space 1}   -3.35{col 48}{space 3}0.001{col 56}{space 4}-.1490476{col 69}{space 3} -.038918
{txt}{space 6}salesg_w {c |}{col 16}{res}{space 2} .0869734{col 28}{space 2} .0268875{col 39}{space 1}    3.23{col 48}{space 3}0.001{col 56}{space 4} .0342633{col 69}{space 3} .1396835
{txt}{space 11}tsr {c |}{col 16}{res}{space 2} .0193792{col 28}{space 2}  .011705{col 39}{space 1}    1.66{col 48}{space 3}0.098{col 56}{space 4}-.0035672{col 69}{space 3} .0423256
{txt}{space 9}union {c |}{col 16}{res}{space 2} .0293303{col 28}{space 2} .0147874{col 39}{space 1}    1.98{col 48}{space 3}0.047{col 56}{space 4}  .000341{col 69}{space 3} .0583195
{txt}{space 12}rd {c |}{col 16}{res}{space 2} .6887225{col 28}{space 2} .1349042{col 39}{space 1}    5.11{col 48}{space 3}0.000{col 56}{space 4} .4242565{col 69}{space 3} .9531885
{txt}{space 9}_cons {c |}{col 16}{res}{space 2} 1.581188{col 28}{space 2} .0589173{col 39}{space 1}   26.84{col 48}{space 3}0.000{col 56}{space 4} 1.465687{col 69}{space 3}  1.69669
{txt}{hline 15}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}   sample_yr{col 14}{c |}{space 1}        3{col 27}{space 1}        0{col 39}{result}{space 1}        3{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est2{txt} stored)

{com}. esttab using "Output/Tables/RF/T3_emp_payrating_industry.csv", b(3) ar2 varwidth(25) title("Pay Rating") order(pr_quint_ind_5 pr_quint_ind_1 gd_pay_pre_365 size mtb roa io cash lev salesg_w tsr union rd) star(* 0.10 ** 0.05  *** 0.01 ) drop(_cons) replace
{res}{txt}(output written to {browse  `"Output/Tables/RF/T3_emp_payrating_industry.csv"'})

{com}. 
. ***********************
. *Change in Productivity
. ***********************
. est clear
{txt}
{com}. eststo: xi: reghdfe ln_prod_diff pr_quint_ind_5 pr_quint_ind_1 ln_prod_pre_365 size mtb roa io cash lev salesg_w tsr union rd fixed_assets if sample_yr==1, noabsorb
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     2,053
{txt}Absorbing 1 HDFE group{col 51}F({res}  14{txt},{res}   2038{txt}){col 67}= {res}      7.67
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.0501
{txt}{col 51}Adj R-squared{col 67}= {res}    0.0435
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0501
{txt}{col 51}Root MSE{col 67}= {res}    0.2954

{txt}{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}   ln_prod_diff{col 17}{c |}      Coef.{col 29}   Std. Err.{col 41}      t{col 49}   P>|t|{col 57}     [95% Con{col 70}f. Interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 1}pr_quint_ind_5 {c |}{col 17}{res}{space 2}-.0374058{col 29}{space 2} .0182674{col 40}{space 1}   -2.05{col 49}{space 3}0.041{col 57}{space 4}-.0732305{col 70}{space 3} -.001581
{txt}{space 1}pr_quint_ind_1 {c |}{col 17}{res}{space 2}  .045196{col 29}{space 2} .0192053{col 40}{space 1}    2.35{col 49}{space 3}0.019{col 57}{space 4} .0075319{col 70}{space 3} .0828601
{txt}ln_prod_pre_365 {c |}{col 17}{res}{space 2}-.0513397{col 29}{space 2}  .007697{col 40}{space 1}   -6.67{col 49}{space 3}0.000{col 57}{space 4}-.0664346{col 70}{space 3}-.0362448
{txt}{space 11}size {c |}{col 17}{res}{space 2}  .019012{col 29}{space 2} .0050369{col 40}{space 1}    3.77{col 49}{space 3}0.000{col 57}{space 4} .0091339{col 70}{space 3}   .02889
{txt}{space 12}mtb {c |}{col 17}{res}{space 2}-.0086369{col 29}{space 2} .0042964{col 40}{space 1}   -2.01{col 49}{space 3}0.045{col 57}{space 4}-.0170627{col 70}{space 3}-.0002111
{txt}{space 12}roa {c |}{col 17}{res}{space 2}-.0010583{col 29}{space 2} .0592017{col 40}{space 1}   -0.02{col 49}{space 3}0.986{col 57}{space 4}-.1171605{col 70}{space 3} .1150438
{txt}{space 13}io {c |}{col 17}{res}{space 2}  .085653{col 29}{space 2} .0282124{col 40}{space 1}    3.04{col 49}{space 3}0.002{col 57}{space 4} .0303249{col 70}{space 3} .1409811
{txt}{space 11}cash {c |}{col 17}{res}{space 2}-.1710792{col 29}{space 2} .0486024{col 40}{space 1}   -3.52{col 49}{space 3}0.000{col 57}{space 4}-.2663948{col 70}{space 3}-.0757636
{txt}{space 12}lev {c |}{col 17}{res}{space 2} .0121035{col 29}{space 2} .0286798{col 40}{space 1}    0.42{col 49}{space 3}0.673{col 57}{space 4}-.0441413{col 70}{space 3} .0683482
{txt}{space 7}salesg_w {c |}{col 17}{res}{space 2}-.0359216{col 29}{space 2} .0226195{col 40}{space 1}   -1.59{col 49}{space 3}0.112{col 57}{space 4}-.0802814{col 70}{space 3} .0084381
{txt}{space 12}tsr {c |}{col 17}{res}{space 2}  .057944{col 29}{space 2}   .01577{col 40}{space 1}    3.67{col 49}{space 3}0.000{col 57}{space 4}  .027017{col 70}{space 3}  .088871
{txt}{space 10}union {c |}{col 17}{res}{space 2}-.0437245{col 29}{space 2} .0144542{col 40}{space 1}   -3.03{col 49}{space 3}0.003{col 57}{space 4}-.0720711{col 70}{space 3}-.0153779
{txt}{space 13}rd {c |}{col 17}{res}{space 2} .2547505{col 29}{space 2} .1182936{col 40}{space 1}    2.15{col 49}{space 3}0.031{col 57}{space 4} .0227615{col 70}{space 3} .4867395
{txt}{space 3}fixed_assets {c |}{col 17}{res}{space 2} .0963544{col 29}{space 2} .0293305{col 40}{space 1}    3.29{col 49}{space 3}0.001{col 57}{space 4} .0388336{col 70}{space 3} .1538752
{txt}{space 10}_cons {c |}{col 17}{res}{space 2} .1486528{col 29}{space 2} .0561372{col 40}{space 1}    2.65{col 49}{space 3}0.008{col 57}{space 4} .0385605{col 70}{space 3} .2587451
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
({res}est1{txt} stored)

{com}. eststo: xi: reghdfe ln_prod_diff pr_quint_ind_5 pr_quint_ind_1 ln_prod_pre_365 size mtb roa io cash lev salesg_w tsr union rd fixed_assets if sample_yr!=1, absorb(sample_yr)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     5,527
{txt}Absorbing 1 HDFE group{col 51}F({res}  14{txt},{res}   5510{txt}){col 67}= {res}     42.30
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1113
{txt}{col 51}Adj R-squared{col 67}= {res}    0.1087
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0970
{txt}{col 51}Root MSE{col 67}= {res}    0.3382

{txt}{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}   ln_prod_diff{col 17}{c |}      Coef.{col 29}   Std. Err.{col 41}      t{col 49}   P>|t|{col 57}     [95% Con{col 70}f. Interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 1}pr_quint_ind_5 {c |}{col 17}{res}{space 2}-.0362617{col 29}{space 2} .0127271{col 40}{space 1}   -2.85{col 49}{space 3}0.004{col 57}{space 4}-.0612118{col 70}{space 3}-.0113116
{txt}{space 1}pr_quint_ind_1 {c |}{col 17}{res}{space 2} .0076634{col 29}{space 2}   .01295{col 40}{space 1}    0.59{col 49}{space 3}0.554{col 57}{space 4}-.0177238{col 70}{space 3} .0330506
{txt}ln_prod_pre_365 {c |}{col 17}{res}{space 2}-.0540434{col 29}{space 2} .0051557{col 40}{space 1}  -10.48{col 49}{space 3}0.000{col 57}{space 4}-.0641506{col 70}{space 3}-.0439363
{txt}{space 11}size {c |}{col 17}{res}{space 2} .0139731{col 29}{space 2} .0035711{col 40}{space 1}    3.91{col 49}{space 3}0.000{col 57}{space 4} .0069723{col 70}{space 3} .0209739
{txt}{space 12}mtb {c |}{col 17}{res}{space 2} .0201632{col 29}{space 2} .0028112{col 40}{space 1}    7.17{col 49}{space 3}0.000{col 57}{space 4} .0146521{col 70}{space 3} .0256743
{txt}{space 12}roa {c |}{col 17}{res}{space 2}-.7321947{col 29}{space 2} .0442732{col 40}{space 1}  -16.54{col 49}{space 3}0.000{col 57}{space 4}-.8189877{col 70}{space 3}-.6454016
{txt}{space 13}io {c |}{col 17}{res}{space 2} .0034667{col 29}{space 2}  .015974{col 40}{space 1}    0.22{col 49}{space 3}0.828{col 57}{space 4}-.0278487{col 70}{space 3} .0347821
{txt}{space 11}cash {c |}{col 17}{res}{space 2} .0327495{col 29}{space 2} .0365989{col 40}{space 1}    0.89{col 49}{space 3}0.371{col 57}{space 4}-.0389988{col 70}{space 3} .1044979
{txt}{space 12}lev {c |}{col 17}{res}{space 2} .0201701{col 29}{space 2} .0179272{col 40}{space 1}    1.13{col 49}{space 3}0.261{col 57}{space 4}-.0149742{col 70}{space 3} .0553145
{txt}{space 7}salesg_w {c |}{col 17}{res}{space 2}-.1374018{col 29}{space 2} .0166023{col 40}{space 1}   -8.28{col 49}{space 3}0.000{col 57}{space 4} -.169949{col 70}{space 3}-.1048547
{txt}{space 12}tsr {c |}{col 17}{res}{space 2} .0029731{col 29}{space 2}  .007473{col 40}{space 1}    0.40{col 49}{space 3}0.691{col 57}{space 4}-.0116769{col 70}{space 3} .0176232
{txt}{space 10}union {c |}{col 17}{res}{space 2}-.0105513{col 29}{space 2} .0098917{col 40}{space 1}   -1.07{col 49}{space 3}0.286{col 57}{space 4}-.0299429{col 70}{space 3} .0088403
{txt}{space 13}rd {c |}{col 17}{res}{space 2}  -.56606{col 29}{space 2} .0826538{col 40}{space 1}   -6.85{col 49}{space 3}0.000{col 57}{space 4}-.7280941{col 70}{space 3} -.404026
{txt}{space 3}fixed_assets {c |}{col 17}{res}{space 2}-.0341993{col 29}{space 2} .0200486{col 40}{space 1}   -1.71{col 49}{space 3}0.088{col 57}{space 4}-.0735025{col 70}{space 3} .0051039
{txt}{space 10}_cons {c |}{col 17}{res}{space 2} .2722228{col 29}{space 2} .0397608{col 40}{space 1}    6.85{col 49}{space 3}0.000{col 57}{space 4}  .194276{col 70}{space 3} .3501696
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}   sample_yr{col 14}{c |}{space 1}        3{col 27}{space 1}        0{col 39}{result}{space 1}        3{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est2{txt} stored)

{com}. esttab using "Output/Tables/RF/T3_emp_prod_industry.csv", b(3) ar2 varwidth(25) title("Productivity") order(pr_quint_ind_5 pr_quint_ind_1 ln_prod_pre_365 size mtb roa io cash lev salesg_w tsr union rd fixed_assets) star(* 0.10 ** 0.05  *** 0.01 ) drop(_cons) replace
{res}{txt}(output written to {browse  `"Output/Tables/RF/T3_emp_prod_industry.csv"'})

{com}. 
. **************************
. *Change in CEO disapproval
. **************************
. est clear
{txt}
{com}. eststo: xi: reghdfe gd_ceodis_diff_365 pr_quint_ind_5 pr_quint_ind_1 gd_ceodis_pre_365 size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1, noabsorb
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     2,006
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   1992{txt}){col 67}= {res}     56.95
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.2709
{txt}{col 51}Adj R-squared{col 67}= {res}    0.2662
{txt}{col 51}Within R-sq.{col 67}= {res}    0.2709
{txt}{col 51}Root MSE{col 67}= {res}    0.0818

{txt}{hline 18}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_ceodis_dif~365{col 19}{c |}      Coef.{col 31}   Std. Err.{col 43}      t{col 51}   P>|t|{col 59}     [95% Con{col 72}f. Interval]
{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 3}pr_quint_ind_5 {c |}{col 19}{res}{space 2} .0130534{col 31}{space 2} .0048525{col 42}{space 1}    2.69{col 51}{space 3}0.007{col 59}{space 4} .0035369{col 72}{space 3} .0225698
{txt}{space 3}pr_quint_ind_1 {c |}{col 19}{res}{space 2} -.001479{col 31}{space 2} .0056015{col 42}{space 1}   -0.26{col 51}{space 3}0.792{col 59}{space 4}-.0124644{col 72}{space 3} .0095064
{txt}gd_ceodis_pre_365 {c |}{col 19}{res}{space 2}-.4662749{col 31}{space 2} .0174669{col 42}{space 1}  -26.69{col 51}{space 3}0.000{col 59}{space 4}-.5005303{col 72}{space 3}-.4320196
{txt}{space 13}size {c |}{col 19}{res}{space 2} -.000216{col 31}{space 2}  .001312{col 42}{space 1}   -0.16{col 51}{space 3}0.869{col 59}{space 4} -.002789{col 72}{space 3}  .002357
{txt}{space 14}mtb {c |}{col 19}{res}{space 2}-.0001219{col 31}{space 2} .0014101{col 42}{space 1}   -0.09{col 51}{space 3}0.931{col 59}{space 4}-.0028873{col 72}{space 3} .0026435
{txt}{space 14}roa {c |}{col 19}{res}{space 2}-.0219369{col 31}{space 2}  .019082{col 42}{space 1}   -1.15{col 51}{space 3}0.250{col 59}{space 4}-.0593597{col 72}{space 3} .0154858
{txt}{space 15}io {c |}{col 19}{res}{space 2}-.0073424{col 31}{space 2} .0083052{col 42}{space 1}   -0.88{col 51}{space 3}0.377{col 59}{space 4}-.0236303{col 72}{space 3} .0089454
{txt}{space 13}cash {c |}{col 19}{res}{space 2} .0123709{col 31}{space 2} .0142049{col 42}{space 1}    0.87{col 51}{space 3}0.384{col 59}{space 4}-.0154871{col 72}{space 3} .0402288
{txt}{space 14}lev {c |}{col 19}{res}{space 2} .0098733{col 31}{space 2} .0080156{col 42}{space 1}    1.23{col 51}{space 3}0.218{col 59}{space 4}-.0058465{col 72}{space 3} .0255932
{txt}{space 9}salesg_w {c |}{col 19}{res}{space 2}-.0050455{col 31}{space 2} .0064778{col 42}{space 1}   -0.78{col 51}{space 3}0.436{col 59}{space 4}-.0177495{col 72}{space 3} .0076585
{txt}{space 14}tsr {c |}{col 19}{res}{space 2}-.0041431{col 31}{space 2}  .004466{col 42}{space 1}   -0.93{col 51}{space 3}0.354{col 59}{space 4}-.0129017{col 72}{space 3} .0046155
{txt}{space 12}union {c |}{col 19}{res}{space 2} .0049038{col 31}{space 2} .0039287{col 42}{space 1}    1.25{col 51}{space 3}0.212{col 59}{space 4}-.0028011{col 72}{space 3} .0126087
{txt}{space 15}rd {c |}{col 19}{res}{space 2} .0135626{col 31}{space 2}   .03567{col 42}{space 1}    0.38{col 51}{space 3}0.704{col 59}{space 4}-.0563919{col 72}{space 3} .0835171
{txt}{space 12}_cons {c |}{col 19}{res}{space 2} .0214275{col 31}{space 2} .0135166{col 42}{space 1}    1.59{col 51}{space 3}0.113{col 59}{space 4}-.0050806{col 72}{space 3} .0479357
{txt}{hline 18}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
({res}est1{txt} stored)

{com}. eststo: xi: reghdfe gd_ceodis_diff_365 pr_quint_ind_5 pr_quint_ind_1 gd_ceodis_pre_365 size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1, absorb(sample_yr)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     5,537
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   5521{txt}){col 67}= {res}    392.67
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4987
{txt}{col 51}Adj R-squared{col 67}= {res}    0.4973
{txt}{col 51}Within R-sq.{col 67}= {res}    0.4804
{txt}{col 51}Root MSE{col 67}= {res}    0.0927

{txt}{hline 18}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_ceodis_dif~365{col 19}{c |}      Coef.{col 31}   Std. Err.{col 43}      t{col 51}   P>|t|{col 59}     [95% Con{col 72}f. Interval]
{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 3}pr_quint_ind_5 {c |}{col 19}{res}{space 2} .0033688{col 31}{space 2}  .003309{col 42}{space 1}    1.02{col 51}{space 3}0.309{col 59}{space 4}-.0031182{col 72}{space 3} .0098558
{txt}{space 3}pr_quint_ind_1 {c |}{col 19}{res}{space 2}-.0030515{col 31}{space 2} .0036207{col 42}{space 1}   -0.84{col 51}{space 3}0.399{col 59}{space 4}-.0101496{col 72}{space 3} .0040466
{txt}gd_ceodis_pre_365 {c |}{col 19}{res}{space 2}-.7170312{col 31}{space 2}  .010056{col 42}{space 1}  -71.30{col 51}{space 3}0.000{col 59}{space 4}-.7367449{col 72}{space 3}-.6973175
{txt}{space 13}size {c |}{col 19}{res}{space 2}-.0045629{col 31}{space 2}  .000916{col 42}{space 1}   -4.98{col 51}{space 3}0.000{col 59}{space 4}-.0063586{col 72}{space 3}-.0027672
{txt}{space 14}mtb {c |}{col 19}{res}{space 2}-.0021064{col 31}{space 2} .0007926{col 42}{space 1}   -2.66{col 51}{space 3}0.008{col 59}{space 4}-.0036602{col 72}{space 3}-.0005526
{txt}{space 14}roa {c |}{col 19}{res}{space 2}-.0318266{col 31}{space 2} .0127443{col 42}{space 1}   -2.50{col 51}{space 3}0.013{col 59}{space 4}-.0568105{col 72}{space 3}-.0068427
{txt}{space 15}io {c |}{col 19}{res}{space 2} .0010887{col 31}{space 2}  .003375{col 42}{space 1}    0.32{col 51}{space 3}0.747{col 59}{space 4}-.0055277{col 72}{space 3}  .007705
{txt}{space 13}cash {c |}{col 19}{res}{space 2} .0007978{col 31}{space 2} .0099209{col 42}{space 1}    0.08{col 51}{space 3}0.936{col 59}{space 4}-.0186511{col 72}{space 3} .0202467
{txt}{space 14}lev {c |}{col 19}{res}{space 2}-.0011167{col 31}{space 2} .0049213{col 42}{space 1}   -0.23{col 51}{space 3}0.821{col 59}{space 4}-.0107644{col 72}{space 3}  .008531
{txt}{space 9}salesg_w {c |}{col 19}{res}{space 2}-.0133571{col 31}{space 2} .0047451{col 42}{space 1}   -2.81{col 51}{space 3}0.005{col 59}{space 4}-.0226594{col 72}{space 3}-.0040549
{txt}{space 14}tsr {c |}{col 19}{res}{space 2}-.0021492{col 31}{space 2} .0020809{col 42}{space 1}   -1.03{col 51}{space 3}0.302{col 59}{space 4}-.0062286{col 72}{space 3} .0019302
{txt}{space 12}union {c |}{col 19}{res}{space 2} .0078157{col 31}{space 2} .0026294{col 42}{space 1}    2.97{col 51}{space 3}0.003{col 59}{space 4} .0026611{col 72}{space 3} .0129703
{txt}{space 15}rd {c |}{col 19}{res}{space 2}-.0150024{col 31}{space 2} .0237863{col 42}{space 1}   -0.63{col 51}{space 3}0.528{col 59}{space 4}-.0616329{col 72}{space 3} .0316282
{txt}{space 12}_cons {c |}{col 19}{res}{space 2} .0993699{col 31}{space 2} .0092088{col 42}{space 1}   10.79{col 51}{space 3}0.000{col 59}{space 4}  .081317{col 72}{space 3} .1174228
{txt}{hline 18}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}   sample_yr{col 14}{c |}{space 1}        3{col 27}{space 1}        0{col 39}{result}{space 1}        3{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est2{txt} stored)

{com}. esttab using "Output/Tables/RF/T3_emp_ceodis_industry.csv", b(3) ar2 varwidth(25) title("CEO Disapproval") order(pr_quint_ind_5 pr_quint_ind_1 gd_ceodis_pre_365 size mtb roa io cash lev salesg_w tsr union rd) star(* 0.10 ** 0.05  *** 0.01 ) drop(_cons) replace
{res}{txt}(output written to {browse  `"Output/Tables/RF/T3_emp_ceodis_industry.csv"'})

{com}. 
. 
. ******************************************
. *PANEL B - GEOGRAPHY
. ******************************************
. 
. **********************
. *Change in Pay Rating
. **********************
. est clear
{txt}
{com}. eststo: xi: reghdfe gd_pay_diff_365 pr_quint_geo_5 pr_quint_geo_1 gd_pay_pre_365 size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1, noabsorb
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     1,984
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   1970{txt}){col 67}= {res}     59.16
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.2808
{txt}{col 51}Adj R-squared{col 67}= {res}    0.2760
{txt}{col 51}Within R-sq.{col 67}= {res}    0.2808
{txt}{col 51}Root MSE{col 67}= {res}    0.5404

{txt}{hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_pay_dif~365{col 16}{c |}      Coef.{col 28}   Std. Err.{col 40}      t{col 48}   P>|t|{col 56}     [95% Con{col 69}f. Interval]
{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
pr_quint_geo_5 {c |}{col 16}{res}{space 2}  -.11686{col 28}{space 2}  .032029{col 39}{space 1}   -3.65{col 48}{space 3}0.000{col 56}{space 4}-.1796744{col 69}{space 3}-.0540456
{txt}pr_quint_geo_1 {c |}{col 16}{res}{space 2} .1005585{col 28}{space 2} .0364482{col 39}{space 1}    2.76{col 48}{space 3}0.006{col 56}{space 4} .0290774{col 69}{space 3} .1720397
{txt}gd_pay_pre_365 {c |}{col 16}{res}{space 2}-.5571697{col 28}{space 2} .0203386{col 39}{space 1}  -27.39{col 48}{space 3}0.000{col 56}{space 4}-.5970571{col 69}{space 3}-.5172824
{txt}{space 10}size {c |}{col 16}{res}{space 2} .0591688{col 28}{space 2} .0086518{col 39}{space 1}    6.84{col 48}{space 3}0.000{col 56}{space 4} .0422012{col 69}{space 3} .0761364
{txt}{space 11}mtb {c |}{col 16}{res}{space 2} .0131942{col 28}{space 2} .0094481{col 39}{space 1}    1.40{col 48}{space 3}0.163{col 56}{space 4}-.0053351{col 69}{space 3} .0317235
{txt}{space 11}roa {c |}{col 16}{res}{space 2} .0583733{col 28}{space 2} .1304443{col 39}{space 1}    0.45{col 48}{space 3}0.655{col 56}{space 4}-.1974501{col 69}{space 3} .3141966
{txt}{space 12}io {c |}{col 16}{res}{space 2} .1046529{col 28}{space 2} .0555523{col 39}{space 1}    1.88{col 48}{space 3}0.060{col 56}{space 4}-.0042944{col 69}{space 3} .2136003
{txt}{space 10}cash {c |}{col 16}{res}{space 2} .1962006{col 28}{space 2} .0946226{col 39}{space 1}    2.07{col 48}{space 3}0.038{col 56}{space 4} .0106298{col 69}{space 3} .3817714
{txt}{space 11}lev {c |}{col 16}{res}{space 2} .0314987{col 28}{space 2} .0530726{col 39}{space 1}    0.59{col 48}{space 3}0.553{col 56}{space 4}-.0725856{col 69}{space 3} .1355829
{txt}{space 6}salesg_w {c |}{col 16}{res}{space 2} .0727954{col 28}{space 2} .0433297{col 39}{space 1}    1.68{col 48}{space 3}0.093{col 56}{space 4}-.0121814{col 69}{space 3} .1577722
{txt}{space 11}tsr {c |}{col 16}{res}{space 2} .0065062{col 28}{space 2} .0308105{col 39}{space 1}    0.21{col 48}{space 3}0.833{col 56}{space 4}-.0539185{col 69}{space 3} .0669308
{txt}{space 9}union {c |}{col 16}{res}{space 2} .0394952{col 28}{space 2} .0261849{col 39}{space 1}    1.51{col 48}{space 3}0.132{col 56}{space 4}-.0118579{col 69}{space 3} .0908483
{txt}{space 12}rd {c |}{col 16}{res}{space 2} .4762102{col 28}{space 2} .2415075{col 39}{space 1}    1.97{col 48}{space 3}0.049{col 56}{space 4} .0025733{col 69}{space 3} .9498472
{txt}{space 9}_cons {c |}{col 16}{res}{space 2} 1.257298{col 28}{space 2} .1014081{col 39}{space 1}   12.40{col 48}{space 3}0.000{col 56}{space 4}  1.05842{col 69}{space 3} 1.456177
{txt}{hline 15}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
({res}est1{txt} stored)

{com}. eststo: xi: reghdfe gd_pay_diff_365 pr_quint_geo_5 pr_quint_geo_1 gd_pay_pre_365 size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1, absorb(sample_yr)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     5,472
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   5456{txt}){col 67}= {res}    212.93
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.3457
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3439
{txt}{col 51}Within R-sq.{col 67}= {res}    0.3366
{txt}{col 51}Root MSE{col 67}= {res}    0.5184

{txt}{hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_pay_dif~365{col 16}{c |}      Coef.{col 28}   Std. Err.{col 40}      t{col 48}   P>|t|{col 56}     [95% Con{col 69}f. Interval]
{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
pr_quint_geo_5 {c |}{col 16}{res}{space 2}-.1194891{col 28}{space 2} .0184244{col 39}{space 1}   -6.49{col 48}{space 3}0.000{col 56}{space 4}-.1556082{col 69}{space 3}  -.08337
{txt}pr_quint_geo_1 {c |}{col 16}{res}{space 2} .0147478{col 28}{space 2} .0206347{col 39}{space 1}    0.71{col 48}{space 3}0.475{col 56}{space 4}-.0257043{col 69}{space 3}    .0552
{txt}gd_pay_pre_365 {c |}{col 16}{res}{space 2}-.6194759{col 28}{space 2} .0118346{col 39}{space 1}  -52.34{col 48}{space 3}0.000{col 56}{space 4}-.6426764{col 69}{space 3}-.5962754
{txt}{space 10}size {c |}{col 16}{res}{space 2} .0638745{col 28}{space 2} .0051429{col 39}{space 1}   12.42{col 48}{space 3}0.000{col 56}{space 4} .0537923{col 69}{space 3} .0739567
{txt}{space 11}mtb {c |}{col 16}{res}{space 2} .0226898{col 28}{space 2} .0045153{col 39}{space 1}    5.03{col 48}{space 3}0.000{col 56}{space 4} .0138381{col 69}{space 3} .0315415
{txt}{space 11}roa {c |}{col 16}{res}{space 2} .0710243{col 28}{space 2} .0733764{col 39}{space 1}    0.97{col 48}{space 3}0.333{col 56}{space 4}-.0728226{col 69}{space 3} .2148713
{txt}{space 12}io {c |}{col 16}{res}{space 2} .0402365{col 28}{space 2} .0189471{col 39}{space 1}    2.12{col 48}{space 3}0.034{col 56}{space 4} .0030926{col 69}{space 3} .0773804
{txt}{space 10}cash {c |}{col 16}{res}{space 2} .0790256{col 28}{space 2} .0560414{col 39}{space 1}    1.41{col 48}{space 3}0.159{col 56}{space 4} -.030838{col 69}{space 3} .1888892
{txt}{space 11}lev {c |}{col 16}{res}{space 2}-.0897413{col 28}{space 2} .0280713{col 39}{space 1}   -3.20{col 48}{space 3}0.001{col 56}{space 4}-.1447722{col 69}{space 3}-.0347103
{txt}{space 6}salesg_w {c |}{col 16}{res}{space 2} .0845917{col 28}{space 2} .0268523{col 39}{space 1}    3.15{col 48}{space 3}0.002{col 56}{space 4} .0319504{col 69}{space 3} .1372329
{txt}{space 11}tsr {c |}{col 16}{res}{space 2} .0186319{col 28}{space 2} .0116888{col 39}{space 1}    1.59{col 48}{space 3}0.111{col 56}{space 4}-.0042828{col 69}{space 3} .0415465
{txt}{space 9}union {c |}{col 16}{res}{space 2} .0301891{col 28}{space 2} .0147913{col 39}{space 1}    2.04{col 48}{space 3}0.041{col 56}{space 4} .0011922{col 69}{space 3}  .059186
{txt}{space 12}rd {c |}{col 16}{res}{space 2}  .697088{col 28}{space 2} .1347143{col 39}{space 1}    5.17{col 48}{space 3}0.000{col 56}{space 4} .4329942{col 69}{space 3} .9611817
{txt}{space 9}_cons {c |}{col 16}{res}{space 2} 1.594405{col 28}{space 2} .0582491{col 39}{space 1}   27.37{col 48}{space 3}0.000{col 56}{space 4} 1.480214{col 69}{space 3} 1.708597
{txt}{hline 15}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}   sample_yr{col 14}{c |}{space 1}        3{col 27}{space 1}        0{col 39}{result}{space 1}        3{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est2{txt} stored)

{com}. esttab using "Output/Tables/RF/T3_emp_payrating_geo.csv", b(3) ar2 varwidth(25) title("Pay Rating") order(pr_quint_geo_5 pr_quint_geo_1 gd_pay_pre_365 size mtb roa io cash lev salesg_w tsr union rd) star(* 0.10 ** 0.05  *** 0.01 ) drop(_cons) replace
{res}{txt}(output written to {browse  `"Output/Tables/RF/T3_emp_payrating_geo.csv"'})

{com}. 
. ***********************
. *Change in Productivity
. ***********************
. est clear
{txt}
{com}. eststo: xi: reghdfe ln_prod_diff pr_quint_geo_5 pr_quint_geo_1 ln_prod_pre_365 size mtb roa io cash lev salesg_w tsr union rd fixed_assets if sample_yr==1, noabsorb
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     2,053
{txt}Absorbing 1 HDFE group{col 51}F({res}  14{txt},{res}   2038{txt}){col 67}= {res}      7.41
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.0484
{txt}{col 51}Adj R-squared{col 67}= {res}    0.0419
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0484
{txt}{col 51}Root MSE{col 67}= {res}    0.2957

{txt}{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}   ln_prod_diff{col 17}{c |}      Coef.{col 29}   Std. Err.{col 41}      t{col 49}   P>|t|{col 57}     [95% Con{col 70}f. Interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 1}pr_quint_geo_5 {c |}{col 17}{res}{space 2}-.0454894{col 29}{space 2} .0182603{col 40}{space 1}   -2.49{col 49}{space 3}0.013{col 57}{space 4}-.0813002{col 70}{space 3}-.0096786
{txt}{space 1}pr_quint_geo_1 {c |}{col 17}{res}{space 2} .0112405{col 29}{space 2} .0188824{col 40}{space 1}    0.60{col 49}{space 3}0.552{col 57}{space 4}-.0257904{col 70}{space 3} .0482713
{txt}ln_prod_pre_365 {c |}{col 17}{res}{space 2} -.050279{col 29}{space 2} .0077123{col 40}{space 1}   -6.52{col 49}{space 3}0.000{col 57}{space 4}-.0654038{col 70}{space 3}-.0351542
{txt}{space 11}size {c |}{col 17}{res}{space 2} .0159648{col 29}{space 2} .0048485{col 40}{space 1}    3.29{col 49}{space 3}0.001{col 57}{space 4} .0064563{col 70}{space 3} .0254732
{txt}{space 12}mtb {c |}{col 17}{res}{space 2}-.0088511{col 29}{space 2} .0043071{col 40}{space 1}   -2.06{col 49}{space 3}0.040{col 57}{space 4}-.0172978{col 70}{space 3}-.0004044
{txt}{space 12}roa {c |}{col 17}{res}{space 2}-.0005915{col 29}{space 2}  .059742{col 40}{space 1}   -0.01{col 49}{space 3}0.992{col 57}{space 4}-.1177532{col 70}{space 3} .1165702
{txt}{space 13}io {c |}{col 17}{res}{space 2} .0766924{col 29}{space 2} .0284931{col 40}{space 1}    2.69{col 49}{space 3}0.007{col 57}{space 4} .0208138{col 70}{space 3}  .132571
{txt}{space 11}cash {c |}{col 17}{res}{space 2}-.1670248{col 29}{space 2} .0486764{col 40}{space 1}   -3.43{col 49}{space 3}0.001{col 57}{space 4}-.2624855{col 70}{space 3}-.0715642
{txt}{space 12}lev {c |}{col 17}{res}{space 2} .0125224{col 29}{space 2} .0287384{col 40}{space 1}    0.44{col 49}{space 3}0.663{col 57}{space 4}-.0438373{col 70}{space 3} .0688821
{txt}{space 7}salesg_w {c |}{col 17}{res}{space 2}-.0364347{col 29}{space 2} .0226382{col 40}{space 1}   -1.61{col 49}{space 3}0.108{col 57}{space 4}-.0808311{col 70}{space 3} .0079617
{txt}{space 12}tsr {c |}{col 17}{res}{space 2} .0569342{col 29}{space 2} .0157783{col 40}{space 1}    3.61{col 49}{space 3}0.000{col 57}{space 4} .0259909{col 70}{space 3} .0878775
{txt}{space 10}union {c |}{col 17}{res}{space 2}-.0441624{col 29}{space 2} .0144972{col 40}{space 1}   -3.05{col 49}{space 3}0.002{col 57}{space 4}-.0725933{col 70}{space 3}-.0157315
{txt}{space 13}rd {c |}{col 17}{res}{space 2}  .248137{col 29}{space 2} .1184237{col 40}{space 1}    2.10{col 49}{space 3}0.036{col 57}{space 4} .0158929{col 70}{space 3} .4803812
{txt}{space 3}fixed_assets {c |}{col 17}{res}{space 2} .0957138{col 29}{space 2} .0293524{col 40}{space 1}    3.26{col 49}{space 3}0.001{col 57}{space 4}   .03815{col 70}{space 3} .1532776
{txt}{space 10}_cons {c |}{col 17}{res}{space 2} .1815521{col 29}{space 2} .0566687{col 40}{space 1}    3.20{col 49}{space 3}0.001{col 57}{space 4} .0704174{col 70}{space 3} .2926867
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
({res}est1{txt} stored)

{com}. eststo: xi: reghdfe ln_prod_diff pr_quint_geo_5 pr_quint_geo_1 ln_prod_pre_365 size mtb roa io cash lev salesg_w tsr union rd fixed_assets if sample_yr!=1, absorb(sample_yr)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     5,527
{txt}Absorbing 1 HDFE group{col 51}F({res}  14{txt},{res}   5510{txt}){col 67}= {res}     41.74
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1101
{txt}{col 51}Adj R-squared{col 67}= {res}    0.1075
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0959
{txt}{col 51}Root MSE{col 67}= {res}    0.3384

{txt}{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}   ln_prod_diff{col 17}{c |}      Coef.{col 29}   Std. Err.{col 41}      t{col 49}   P>|t|{col 57}     [95% Con{col 70}f. Interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 1}pr_quint_geo_5 {c |}{col 17}{res}{space 2}-.0136627{col 29}{space 2} .0125837{col 40}{space 1}   -1.09{col 49}{space 3}0.278{col 57}{space 4}-.0383318{col 70}{space 3} .0110063
{txt}{space 1}pr_quint_geo_1 {c |}{col 17}{res}{space 2}-.0091601{col 29}{space 2} .0130535{col 40}{space 1}   -0.70{col 49}{space 3}0.483{col 57}{space 4}-.0347501{col 70}{space 3} .0164298
{txt}ln_prod_pre_365 {c |}{col 17}{res}{space 2}-.0503869{col 29}{space 2} .0051479{col 40}{space 1}   -9.79{col 49}{space 3}0.000{col 57}{space 4}-.0604788{col 70}{space 3}-.0402949
{txt}{space 11}size {c |}{col 17}{res}{space 2} .0098157{col 29}{space 2} .0034489{col 40}{space 1}    2.85{col 49}{space 3}0.004{col 57}{space 4} .0030544{col 70}{space 3} .0165769
{txt}{space 12}mtb {c |}{col 17}{res}{space 2} .0197492{col 29}{space 2} .0028214{col 40}{space 1}    7.00{col 49}{space 3}0.000{col 57}{space 4} .0142181{col 70}{space 3} .0252802
{txt}{space 12}roa {c |}{col 17}{res}{space 2}-.7432536{col 29}{space 2} .0444278{col 40}{space 1}  -16.73{col 49}{space 3}0.000{col 57}{space 4}-.8303497{col 70}{space 3}-.6561575
{txt}{space 13}io {c |}{col 17}{res}{space 2}-.0009302{col 29}{space 2} .0160466{col 40}{space 1}   -0.06{col 49}{space 3}0.954{col 57}{space 4}-.0323879{col 70}{space 3} .0305274
{txt}{space 11}cash {c |}{col 17}{res}{space 2} .0301852{col 29}{space 2} .0365994{col 40}{space 1}    0.82{col 49}{space 3}0.410{col 57}{space 4} -.041564{col 70}{space 3} .1019344
{txt}{space 12}lev {c |}{col 17}{res}{space 2}  .019806{col 29}{space 2} .0179507{col 40}{space 1}    1.10{col 49}{space 3}0.270{col 57}{space 4}-.0153843{col 70}{space 3} .0549964
{txt}{space 7}salesg_w {c |}{col 17}{res}{space 2}-.1360406{col 29}{space 2} .0166119{col 40}{space 1}   -8.19{col 49}{space 3}0.000{col 57}{space 4}-.1686064{col 70}{space 3}-.1034747
{txt}{space 12}tsr {c |}{col 17}{res}{space 2} .0029711{col 29}{space 2} .0074792{col 40}{space 1}    0.40{col 49}{space 3}0.691{col 57}{space 4}-.0116911{col 70}{space 3} .0176334
{txt}{space 10}union {c |}{col 17}{res}{space 2} -.012439{col 29}{space 2} .0099267{col 40}{space 1}   -1.25{col 49}{space 3}0.210{col 57}{space 4}-.0318993{col 70}{space 3} .0070213
{txt}{space 13}rd {c |}{col 17}{res}{space 2}-.5725271{col 29}{space 2} .0827023{col 40}{space 1}   -6.92{col 49}{space 3}0.000{col 57}{space 4}-.7346563{col 70}{space 3}-.4103979
{txt}{space 3}fixed_assets {c |}{col 17}{res}{space 2}-.0387039{col 29}{space 2} .0200408{col 40}{space 1}   -1.93{col 49}{space 3}0.054{col 57}{space 4}-.0779918{col 70}{space 3} .0005839
{txt}{space 10}_cons {c |}{col 17}{res}{space 2} .2901108{col 29}{space 2} .0398116{col 40}{space 1}    7.29{col 49}{space 3}0.000{col 57}{space 4} .2120644{col 70}{space 3} .3681573
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}   sample_yr{col 14}{c |}{space 1}        3{col 27}{space 1}        0{col 39}{result}{space 1}        3{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est2{txt} stored)

{com}. esttab using "Output/Tables/RF/T3_emp_prod_geo.csv", b(3) ar2 varwidth(25) title("Productivity") order(pr_quint_geo_5 pr_quint_geo_1 ln_prod_pre_365 size mtb roa io cash lev salesg_w tsr union rd fixed_assets) star(* 0.10 ** 0.05  *** 0.01 ) drop(_cons) replace
{res}{txt}(output written to {browse  `"Output/Tables/RF/T3_emp_prod_geo.csv"'})

{com}. 
. **************************
. *Change in CEO disapproval
. **************************
. est clear
{txt}
{com}. eststo: xi: reghdfe gd_ceodis_diff_365 pr_quint_geo_5 pr_quint_geo_1 gd_ceodis_pre_365 size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1, noabsorb
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     2,006
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   1992{txt}){col 67}= {res}     57.63
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.2733
{txt}{col 51}Adj R-squared{col 67}= {res}    0.2686
{txt}{col 51}Within R-sq.{col 67}= {res}    0.2733
{txt}{col 51}Root MSE{col 67}= {res}    0.0816

{txt}{hline 18}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_ceodis_dif~365{col 19}{c |}      Coef.{col 31}   Std. Err.{col 43}      t{col 51}   P>|t|{col 59}     [95% Con{col 72}f. Interval]
{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 3}pr_quint_geo_5 {c |}{col 19}{res}{space 2} .0160183{col 31}{space 2} .0048242{col 42}{space 1}    3.32{col 51}{space 3}0.001{col 59}{space 4} .0065573{col 72}{space 3} .0254794
{txt}{space 3}pr_quint_geo_1 {c |}{col 19}{res}{space 2}-.0073429{col 31}{space 2} .0054324{col 42}{space 1}   -1.35{col 51}{space 3}0.177{col 59}{space 4}-.0179968{col 72}{space 3}  .003311
{txt}gd_ceodis_pre_365 {c |}{col 19}{res}{space 2}-.4702861{col 31}{space 2} .0174986{col 42}{space 1}  -26.88{col 51}{space 3}0.000{col 59}{space 4}-.5046036{col 72}{space 3}-.4359687
{txt}{space 13}size {c |}{col 19}{res}{space 2}-.0003805{col 31}{space 2} .0012618{col 42}{space 1}   -0.30{col 51}{space 3}0.763{col 59}{space 4}-.0028551{col 72}{space 3} .0020941
{txt}{space 14}mtb {c |}{col 19}{res}{space 2}-.0003297{col 31}{space 2} .0014081{col 42}{space 1}   -0.23{col 51}{space 3}0.815{col 59}{space 4}-.0030912{col 72}{space 3} .0024317
{txt}{space 14}roa {c |}{col 19}{res}{space 2}-.0276109{col 31}{space 2} .0191951{col 42}{space 1}   -1.44{col 51}{space 3}0.150{col 59}{space 4}-.0652554{col 72}{space 3} .0100337
{txt}{space 15}io {c |}{col 19}{res}{space 2}-.0100044{col 31}{space 2} .0083085{col 42}{space 1}   -1.20{col 51}{space 3}0.229{col 59}{space 4}-.0262988{col 72}{space 3} .0062899
{txt}{space 13}cash {c |}{col 19}{res}{space 2} .0124026{col 31}{space 2} .0141829{col 42}{space 1}    0.87{col 51}{space 3}0.382{col 59}{space 4}-.0154124{col 72}{space 3} .0402175
{txt}{space 14}lev {c |}{col 19}{res}{space 2} .0089073{col 31}{space 2} .0080046{col 42}{space 1}    1.11{col 51}{space 3}0.266{col 59}{space 4}-.0067909{col 72}{space 3} .0246056
{txt}{space 9}salesg_w {c |}{col 19}{res}{space 2}-.0047755{col 31}{space 2} .0064678{col 42}{space 1}   -0.74{col 51}{space 3}0.460{col 59}{space 4}-.0174598{col 72}{space 3} .0079088
{txt}{space 14}tsr {c |}{col 19}{res}{space 2}-.0035797{col 31}{space 2} .0044528{col 42}{space 1}   -0.80{col 51}{space 3}0.422{col 59}{space 4}-.0123124{col 72}{space 3}  .005153
{txt}{space 12}union {c |}{col 19}{res}{space 2}  .004193{col 31}{space 2} .0039321{col 42}{space 1}    1.07{col 51}{space 3}0.286{col 59}{space 4}-.0035185{col 72}{space 3} .0119045
{txt}{space 15}rd {c |}{col 19}{res}{space 2} .0128872{col 31}{space 2} .0356142{col 42}{space 1}    0.36{col 51}{space 3}0.717{col 59}{space 4}-.0569578{col 72}{space 3} .0827322
{txt}{space 12}_cons {c |}{col 19}{res}{space 2} .0267733{col 31}{space 2} .0133458{col 42}{space 1}    2.01{col 51}{space 3}0.045{col 59}{space 4}    .0006{col 72}{space 3} .0529465
{txt}{hline 18}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
({res}est1{txt} stored)

{com}. eststo: xi: reghdfe gd_ceodis_diff_365 pr_quint_geo_5 pr_quint_geo_1 gd_ceodis_pre_365 size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1, absorb(sample_yr)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     5,537
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   5521{txt}){col 67}= {res}    392.59
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4986
{txt}{col 51}Adj R-squared{col 67}= {res}    0.4973
{txt}{col 51}Within R-sq.{col 67}= {res}    0.4804
{txt}{col 51}Root MSE{col 67}= {res}    0.0927

{txt}{hline 18}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_ceodis_dif~365{col 19}{c |}      Coef.{col 31}   Std. Err.{col 43}      t{col 51}   P>|t|{col 59}     [95% Con{col 72}f. Interval]
{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 3}pr_quint_geo_5 {c |}{col 19}{res}{space 2} .0038255{col 31}{space 2} .0032622{col 42}{space 1}    1.17{col 51}{space 3}0.241{col 59}{space 4}-.0025696{col 72}{space 3} .0102207
{txt}{space 3}pr_quint_geo_1 {c |}{col 19}{res}{space 2} .0013745{col 31}{space 2} .0036425{col 42}{space 1}    0.38{col 51}{space 3}0.706{col 59}{space 4}-.0057663{col 72}{space 3} .0085153
{txt}gd_ceodis_pre_365 {c |}{col 19}{res}{space 2}-.7169271{col 31}{space 2} .0100598{col 42}{space 1}  -71.27{col 51}{space 3}0.000{col 59}{space 4}-.7366483{col 72}{space 3}-.6972058
{txt}{space 13}size {c |}{col 19}{res}{space 2}-.0042146{col 31}{space 2} .0008902{col 42}{space 1}   -4.73{col 51}{space 3}0.000{col 59}{space 4}-.0059599{col 72}{space 3}-.0024694
{txt}{space 14}mtb {c |}{col 19}{res}{space 2}-.0020572{col 31}{space 2} .0007943{col 42}{space 1}   -2.59{col 51}{space 3}0.010{col 59}{space 4}-.0036144{col 72}{space 3}   -.0005
{txt}{space 14}roa {c |}{col 19}{res}{space 2}-.0316047{col 31}{space 2} .0127837{col 42}{space 1}   -2.47{col 51}{space 3}0.013{col 59}{space 4}-.0566657{col 72}{space 3}-.0065437
{txt}{space 15}io {c |}{col 19}{res}{space 2} .0014065{col 31}{space 2} .0033806{col 42}{space 1}    0.42{col 51}{space 3}0.677{col 59}{space 4}-.0052208{col 72}{space 3} .0080338
{txt}{space 13}cash {c |}{col 19}{res}{space 2} .0003718{col 31}{space 2} .0099201{col 42}{space 1}    0.04{col 51}{space 3}0.970{col 59}{space 4}-.0190754{col 72}{space 3} .0198191
{txt}{space 14}lev {c |}{col 19}{res}{space 2}-.0012659{col 31}{space 2} .0049261{col 42}{space 1}   -0.26{col 51}{space 3}0.797{col 59}{space 4}-.0109229{col 72}{space 3} .0083911
{txt}{space 9}salesg_w {c |}{col 19}{res}{space 2}-.0135284{col 31}{space 2} .0047461{col 42}{space 1}   -2.85{col 51}{space 3}0.004{col 59}{space 4}-.0228325{col 72}{space 3}-.0042242
{txt}{space 14}tsr {c |}{col 19}{res}{space 2}-.0021393{col 31}{space 2} .0020812{col 42}{space 1}   -1.03{col 51}{space 3}0.304{col 59}{space 4}-.0062192{col 72}{space 3} .0019406
{txt}{space 12}union {c |}{col 19}{res}{space 2} .0080745{col 31}{space 2} .0026329{col 42}{space 1}    3.07{col 51}{space 3}0.002{col 59}{space 4}  .002913{col 72}{space 3} .0132361
{txt}{space 15}rd {c |}{col 19}{res}{space 2}-.0146078{col 31}{space 2} .0237869{col 42}{space 1}   -0.61{col 51}{space 3}0.539{col 59}{space 4}-.0612395{col 72}{space 3}  .032024
{txt}{space 12}_cons {c |}{col 19}{res}{space 2} .0953265{col 31}{space 2} .0090933{col 42}{space 1}   10.48{col 51}{space 3}0.000{col 59}{space 4} .0775001{col 72}{space 3}  .113153
{txt}{hline 18}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}   sample_yr{col 14}{c |}{space 1}        3{col 27}{space 1}        0{col 39}{result}{space 1}        3{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est2{txt} stored)

{com}. esttab using "Output/Tables/RF/T3_emp_ceodis_geo.csv", b(3) ar2 varwidth(25) title("CEO Disapproval") order(pr_quint_geo_5 pr_quint_geo_1 gd_ceodis_pre_365 size mtb roa io cash lev salesg_w tsr union rd) star(* 0.10 ** 0.05  *** 0.01 ) drop(_cons) replace
{res}{txt}(output written to {browse  `"Output/Tables/RF/T3_emp_ceodis_geo.csv"'})

{com}. 
{txt}end of do-file

{com}. 
. // ---------------------------------------------------- Table 4: Firm Disclosure
. do Code/produce_table4
{txt}
{com}. 
. ************************************************************************************************************
. **#                                                     TABLE 4 - FIRM DISCLOSURE
. ************************************************************************************************************
. 
. capture cd "/Users/joshw/Dropbox/CEO Pay Ratio/Analysis/"
{txt}
{com}. use "Data/Temp/dataset_main.dta", clear
{txt}
{com}. 
. ********************
. *Total Words
. ********************
. est clear
{txt}
{com}. eststo: xi: ppmlhdfe words pr_quint_5 pr_quint_1 size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1, absorb(ffi49)
{res}{txt}{col  0}Iteration 1:{txt}{col 16}deviance = {res}1.3660e+05 {col 39}{txt}eps = {res}.        {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}  0.34  {txt}P   
{txt}{col  0}Iteration 2:{txt}{col 16}deviance = {res}1.3618e+05 {col 39}{txt}eps = {res}3.13e-03 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}  0.35  {txt}    
{txt}{col  0}Iteration 3:{txt}{col 16}deviance = {res}1.3618e+05 {col 39}{txt}eps = {res}4.74e-07 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}  0.35  {txt}    
{txt}{col  0}Iteration 4:{txt}{col 16}deviance = {res}1.3618e+05 {col 39}{txt}eps = {res}2.01e-14 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-05{col 82}{txt} min(eta) = {res}  0.35  {txt}    
{txt}{col  0}Iteration 5:{txt}{col 16}deviance = {res}1.3618e+05 {col 39}{txt}eps = {res}1.30e-16 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-08{col 82}{txt} min(eta) = {res}  0.35  {txt} S O
{txt}{hline 108}
{txt}(legend: {res}p{txt}: exact partial-out   {res}s{txt}: exact solver   {res}h{txt}: step-halving   {res}o{txt}: epsilon below tolerance)
{txt}Converged in 5 iterations and 5 HDFE sub-iterations (tol = 1.0e-08)
{res}{txt}
HDFE {help ppmlhdfe##description:PPML} regression{col 51}No. of obs{col 67}={col 69}{res}     2,401
{txt}Absorbing 1 HDFE group{col 51}Residual df{col 67}={col 69}{res}     2,340
{txt}{col 51}Wald chi2({res}12{txt}){col 67}={col 69}{res}     83.52
{txt}Deviance{col 22}={col 24}{res} 136176.6414{txt}{col 51}Prob > chi2{col 67}={col 69}{res}    0.0000
{txt}Log pseudolikelihood ={col 24}{res} -77307.4449{txt}{col 51}Pseudo R2{col 67}={col 69}{res}    0.0817
{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}       words{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}pr_quint_5 {c |}{col 14}{res}{space 2} .1158795{col 26}{space 2} .0251379{col 37}{space 1}    4.61{col 46}{space 3}0.000{col 54}{space 4} .0666101{col 67}{space 3} .1651489
{txt}{space 2}pr_quint_1 {c |}{col 14}{res}{space 2}-.0903822{col 26}{space 2} .0250516{col 37}{space 1}   -3.61{col 46}{space 3}0.000{col 54}{space 4}-.1394824{col 67}{space 3} -.041282
{txt}{space 8}size {c |}{col 14}{res}{space 2} .0126268{col 26}{space 2} .0065269{col 37}{space 1}    1.93{col 46}{space 3}0.053{col 54}{space 4}-.0001658{col 67}{space 3} .0254194
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0003834{col 26}{space 2} .0050929{col 37}{space 1}    0.08{col 46}{space 3}0.940{col 54}{space 4}-.0095985{col 67}{space 3} .0103652
{txt}{space 9}roa {c |}{col 14}{res}{space 2}-.1468322{col 26}{space 2} .0617958{col 37}{space 1}   -2.38{col 46}{space 3}0.017{col 54}{space 4}-.2679499{col 67}{space 3}-.0257146
{txt}{space 10}io {c |}{col 14}{res}{space 2} .0703138{col 26}{space 2}  .035156{col 37}{space 1}    2.00{col 46}{space 3}0.045{col 54}{space 4} .0014093{col 67}{space 3} .1392182
{txt}{space 8}cash {c |}{col 14}{res}{space 2} .0989453{col 26}{space 2} .0601858{col 37}{space 1}    1.64{col 46}{space 3}0.100{col 54}{space 4}-.0190168{col 67}{space 3} .2169073
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.0078113{col 26}{space 2} .0386215{col 37}{space 1}   -0.20{col 46}{space 3}0.840{col 54}{space 4} -.083508{col 67}{space 3} .0678854
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2} .0131921{col 26}{space 2} .0262678{col 37}{space 1}    0.50{col 46}{space 3}0.616{col 54}{space 4}-.0382917{col 67}{space 3}  .064676
{txt}{space 9}tsr {c |}{col 14}{res}{space 2}-.0266568{col 26}{space 2} .0194726{col 37}{space 1}   -1.37{col 46}{space 3}0.171{col 54}{space 4}-.0648224{col 67}{space 3} .0115088
{txt}{space 7}union {c |}{col 14}{res}{space 2}-.0023064{col 26}{space 2} .0206777{col 37}{space 1}   -0.11{col 46}{space 3}0.911{col 54}{space 4} -.042834{col 67}{space 3} .0382212
{txt}{space 10}rd {c |}{col 14}{res}{space 2}-.1329411{col 26}{space 2} .0680199{col 37}{space 1}   -1.95{col 46}{space 3}0.051{col 54}{space 4}-.2662576{col 67}{space 3} .0003755
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}  5.77193{col 26}{space 2} .0599933{col 37}{space 1}   96.21{col 46}{space 3}0.000{col 54}{space 4} 5.654345{col 67}{space 3} 5.889514
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       49{col 27}{space 1}        0{col 39}{result}{space 1}       49{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est1{txt} stored)

{com}. eststo: xi: ppmlhdfe words pr_quint_5 pr_quint_1 size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1, absorb(indyr)
{res}{txt}{col  0}Iteration 1:{txt}{col 16}deviance = {res}3.5796e+05 {col 39}{txt}eps = {res}.        {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}  0.10  {txt}P   
{txt}{col  0}Iteration 2:{txt}{col 16}deviance = {res}3.5692e+05 {col 39}{txt}eps = {res}2.92e-03 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}  0.04  {txt}    
{txt}{col  0}Iteration 3:{txt}{col 16}deviance = {res}3.5692e+05 {col 39}{txt}eps = {res}3.84e-07 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}  0.04  {txt}    
{txt}{col  0}Iteration 4:{txt}{col 16}deviance = {res}3.5692e+05 {col 39}{txt}eps = {res}1.39e-14 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-05{col 82}{txt} min(eta) = {res}  0.04  {txt}    
{txt}{col  0}Iteration 5:{txt}{col 16}deviance = {res}3.5692e+05 {col 39}{txt}eps = {res}0.00e+00 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-08{col 82}{txt} min(eta) = {res}  0.04  {txt} S O
{txt}{hline 108}
{txt}(legend: {res}p{txt}: exact partial-out   {res}s{txt}: exact solver   {res}h{txt}: step-halving   {res}o{txt}: epsilon below tolerance)
{txt}Converged in 5 iterations and 5 HDFE sub-iterations (tol = 1.0e-08)
{res}{txt}
HDFE {help ppmlhdfe##description:PPML} regression{col 51}No. of obs{col 67}={col 69}{res}     6,370
{txt}Absorbing 1 HDFE group{col 51}Residual df{col 67}={col 69}{res}     6,211
{txt}{col 51}Wald chi2({res}12{txt}){col 67}={col 69}{res}    185.29
{txt}Deviance{col 22}={col 24}{res} 356916.1781{txt}{col 51}Prob > chi2{col 67}={col 69}{res}    0.0000
{txt}Log pseudolikelihood ={col 24}{res}-203002.1766{txt}{col 51}Pseudo R2{col 67}={col 69}{res}    0.0752
{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}       words{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}pr_quint_5 {c |}{col 14}{res}{space 2} .0763535{col 26}{space 2} .0149958{col 37}{space 1}    5.09{col 46}{space 3}0.000{col 54}{space 4} .0469622{col 67}{space 3} .1057448
{txt}{space 2}pr_quint_1 {c |}{col 14}{res}{space 2}-.0657632{col 26}{space 2} .0145008{col 37}{space 1}   -4.54{col 46}{space 3}0.000{col 54}{space 4}-.0941842{col 67}{space 3}-.0373421
{txt}{space 8}size {c |}{col 14}{res}{space 2}  .022911{col 26}{space 2} .0039785{col 37}{space 1}    5.76{col 46}{space 3}0.000{col 54}{space 4} .0151132{col 67}{space 3} .0307088
{txt}{space 9}mtb {c |}{col 14}{res}{space 2}  .004411{col 26}{space 2} .0031302{col 37}{space 1}    1.41{col 46}{space 3}0.159{col 54}{space 4}-.0017241{col 67}{space 3} .0105461
{txt}{space 9}roa {c |}{col 14}{res}{space 2}-.1117754{col 26}{space 2} .0529816{col 37}{space 1}   -2.11{col 46}{space 3}0.035{col 54}{space 4}-.2156174{col 67}{space 3}-.0079333
{txt}{space 10}io {c |}{col 14}{res}{space 2}-.0120269{col 26}{space 2} .0159836{col 37}{space 1}   -0.75{col 46}{space 3}0.452{col 54}{space 4}-.0433541{col 67}{space 3} .0193004
{txt}{space 8}cash {c |}{col 14}{res}{space 2} .0433181{col 26}{space 2} .0396478{col 37}{space 1}    1.09{col 46}{space 3}0.275{col 54}{space 4}-.0343902{col 67}{space 3} .1210264
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.0119587{col 26}{space 2} .0208158{col 37}{space 1}   -0.57{col 46}{space 3}0.566{col 54}{space 4}-.0527569{col 67}{space 3} .0288394
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2} .0152034{col 26}{space 2} .0164256{col 37}{space 1}    0.93{col 46}{space 3}0.355{col 54}{space 4}-.0169902{col 67}{space 3}  .047397
{txt}{space 9}tsr {c |}{col 14}{res}{space 2}-.0239146{col 26}{space 2} .0061979{col 37}{space 1}   -3.86{col 46}{space 3}0.000{col 54}{space 4}-.0360623{col 67}{space 3} -.011767
{txt}{space 7}union {c |}{col 14}{res}{space 2} .0106465{col 26}{space 2}  .012425{col 37}{space 1}    0.86{col 46}{space 3}0.392{col 54}{space 4}-.0137061{col 67}{space 3} .0349991
{txt}{space 10}rd {c |}{col 14}{res}{space 2} .1569459{col 26}{space 2} .1060306{col 37}{space 1}    1.48{col 46}{space 3}0.139{col 54}{space 4}-.0508703{col 67}{space 3} .3647621
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 5.761381{col 26}{space 2} .0376506{col 37}{space 1}  153.02{col 46}{space 3}0.000{col 54}{space 4} 5.687587{col 67}{space 3} 5.835175
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      147{col 27}{space 1}        0{col 39}{result}{space 1}      147{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est2{txt} stored)

{com}. eststo: xi: ppmlhdfe words ln_upr ln_epr size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1, absorb(ffi49)
{res}{txt}{col  0}Iteration 1:{txt}{col 16}deviance = {res}1.2653e+05 {col 39}{txt}eps = {res}.        {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}  0.45  {txt}P   
{txt}{col  0}Iteration 2:{txt}{col 16}deviance = {res}1.2613e+05 {col 39}{txt}eps = {res}3.18e-03 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}  0.44  {txt}    
{txt}{col  0}Iteration 3:{txt}{col 16}deviance = {res}1.2613e+05 {col 39}{txt}eps = {res}4.95e-07 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}  0.44  {txt}    
{txt}{col  0}Iteration 4:{txt}{col 16}deviance = {res}1.2613e+05 {col 39}{txt}eps = {res}2.22e-14 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-05{col 82}{txt} min(eta) = {res}  0.44  {txt}    
{txt}{col  0}Iteration 5:{txt}{col 16}deviance = {res}1.2613e+05 {col 39}{txt}eps = {res}1.41e-16 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-08{col 82}{txt} min(eta) = {res}  0.44  {txt} S O
{txt}{hline 108}
{txt}(legend: {res}p{txt}: exact partial-out   {res}s{txt}: exact solver   {res}h{txt}: step-halving   {res}o{txt}: epsilon below tolerance)
{txt}Converged in 5 iterations and 5 HDFE sub-iterations (tol = 1.0e-08)
{res}{txt}
HDFE {help ppmlhdfe##description:PPML} regression{col 51}No. of obs{col 67}={col 69}{res}     2,215
{txt}Absorbing 1 HDFE group{col 51}Residual df{col 67}={col 69}{res}     2,154
{txt}{col 51}Wald chi2({res}12{txt}){col 67}={col 69}{res}     80.59
{txt}Deviance{col 22}={col 24}{res} 126127.4603{txt}{col 51}Prob > chi2{col 67}={col 69}{res}    0.0000
{txt}Log pseudolikelihood ={col 24}{res} -71567.2491{txt}{col 51}Pseudo R2{col 67}={col 69}{res}    0.0845
{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}       words{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}ln_upr {c |}{col 14}{res}{space 2} .0613288{col 26}{space 2}  .011609{col 37}{space 1}    5.28{col 46}{space 3}0.000{col 54}{space 4} .0385755{col 67}{space 3} .0840821
{txt}{space 6}ln_epr {c |}{col 14}{res}{space 2} .0729239{col 26}{space 2} .0365341{col 37}{space 1}    2.00{col 46}{space 3}0.046{col 54}{space 4} .0013185{col 67}{space 3} .1445294
{txt}{space 8}size {c |}{col 14}{res}{space 2} .0073745{col 26}{space 2} .0152669{col 37}{space 1}    0.48{col 46}{space 3}0.629{col 54}{space 4} -.022548{col 67}{space 3} .0372971
{txt}{space 9}mtb {c |}{col 14}{res}{space 2}-.0008807{col 26}{space 2} .0054851{col 37}{space 1}   -0.16{col 46}{space 3}0.872{col 54}{space 4}-.0116312{col 67}{space 3} .0098699
{txt}{space 9}roa {c |}{col 14}{res}{space 2}-.1831496{col 26}{space 2} .0692503{col 37}{space 1}   -2.64{col 46}{space 3}0.008{col 54}{space 4}-.3188778{col 67}{space 3}-.0474215
{txt}{space 10}io {c |}{col 14}{res}{space 2} .0777417{col 26}{space 2} .0381514{col 37}{space 1}    2.04{col 46}{space 3}0.042{col 54}{space 4} .0029663{col 67}{space 3} .1525171
{txt}{space 8}cash {c |}{col 14}{res}{space 2} .1134828{col 26}{space 2} .0665125{col 37}{space 1}    1.71{col 46}{space 3}0.088{col 54}{space 4}-.0168793{col 67}{space 3} .2438449
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.0082144{col 26}{space 2} .0403605{col 37}{space 1}   -0.20{col 46}{space 3}0.839{col 54}{space 4}-.0873195{col 67}{space 3} .0708907
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2} .0092688{col 26}{space 2} .0287448{col 37}{space 1}    0.32{col 46}{space 3}0.747{col 54}{space 4}-.0470699{col 67}{space 3} .0656076
{txt}{space 9}tsr {c |}{col 14}{res}{space 2}-.0214193{col 26}{space 2} .0206842{col 37}{space 1}   -1.04{col 46}{space 3}0.300{col 54}{space 4}-.0619595{col 67}{space 3}  .019121
{txt}{space 7}union {c |}{col 14}{res}{space 2}-.0096096{col 26}{space 2}  .021827{col 37}{space 1}   -0.44{col 46}{space 3}0.660{col 54}{space 4}-.0523899{col 67}{space 3} .0331706
{txt}{space 10}rd {c |}{col 14}{res}{space 2}-.1201152{col 26}{space 2} .1367045{col 37}{space 1}   -0.88{col 46}{space 3}0.380{col 54}{space 4}-.3880512{col 67}{space 3} .1478208
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 5.504247{col 26}{space 2} .0740726{col 37}{space 1}   74.31{col 46}{space 3}0.000{col 54}{space 4} 5.359067{col 67}{space 3} 5.649426
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       49{col 27}{space 1}        0{col 39}{result}{space 1}       49{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est3{txt} stored)

{com}. eststo: xi: ppmlhdfe words ln_upr ln_epr size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1, absorb(indyr)
{res}{txt}{col  0}Iteration 1:{txt}{col 16}deviance = {res}3.3761e+05 {col 39}{txt}eps = {res}.        {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}  0.40  {txt}P   
{txt}{col  0}Iteration 2:{txt}{col 16}deviance = {res}3.3661e+05 {col 39}{txt}eps = {res}2.97e-03 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}  0.36  {txt}    
{txt}{col  0}Iteration 3:{txt}{col 16}deviance = {res}3.3661e+05 {col 39}{txt}eps = {res}4.34e-07 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}  0.36  {txt}    
{txt}{col  0}Iteration 4:{txt}{col 16}deviance = {res}3.3661e+05 {col 39}{txt}eps = {res}3.67e-14 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-05{col 82}{txt} min(eta) = {res}  0.36  {txt}    
{txt}{col  0}Iteration 5:{txt}{col 16}deviance = {res}3.3661e+05 {col 39}{txt}eps = {res}2.11e-16 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-08{col 82}{txt} min(eta) = {res}  0.36  {txt} S O
{txt}{hline 108}
{txt}(legend: {res}p{txt}: exact partial-out   {res}s{txt}: exact solver   {res}h{txt}: step-halving   {res}o{txt}: epsilon below tolerance)
{txt}Converged in 5 iterations and 5 HDFE sub-iterations (tol = 1.0e-08)
{res}{txt}
HDFE {help ppmlhdfe##description:PPML} regression{col 51}No. of obs{col 67}={col 69}{res}     6,002
{txt}Absorbing 1 HDFE group{col 51}Residual df{col 67}={col 69}{res}     5,843
{txt}{col 51}Wald chi2({res}12{txt}){col 67}={col 69}{res}    183.49
{txt}Deviance{col 22}={col 24}{res} 336608.6734{txt}{col 51}Prob > chi2{col 67}={col 69}{res}    0.0000
{txt}Log pseudolikelihood ={col 24}{res}-191425.6286{txt}{col 51}Pseudo R2{col 67}={col 69}{res}    0.0772
{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}       words{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}ln_upr {c |}{col 14}{res}{space 2} .0473164{col 26}{space 2} .0069775{col 37}{space 1}    6.78{col 46}{space 3}0.000{col 54}{space 4} .0336408{col 67}{space 3}  .060992
{txt}{space 6}ln_epr {c |}{col 14}{res}{space 2} .0557823{col 26}{space 2} .0221698{col 37}{space 1}    2.52{col 46}{space 3}0.012{col 54}{space 4} .0123303{col 67}{space 3} .0992343
{txt}{space 8}size {c |}{col 14}{res}{space 2} .0180271{col 26}{space 2}  .008967{col 37}{space 1}    2.01{col 46}{space 3}0.044{col 54}{space 4} .0004522{col 67}{space 3}  .035602
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0037159{col 26}{space 2} .0032325{col 37}{space 1}    1.15{col 46}{space 3}0.250{col 54}{space 4}-.0026197{col 67}{space 3} .0100514
{txt}{space 9}roa {c |}{col 14}{res}{space 2}-.1049584{col 26}{space 2} .0465872{col 37}{space 1}   -2.25{col 46}{space 3}0.024{col 54}{space 4}-.1962676{col 67}{space 3}-.0136492
{txt}{space 10}io {c |}{col 14}{res}{space 2} -.012673{col 26}{space 2} .0161351{col 37}{space 1}   -0.79{col 46}{space 3}0.432{col 54}{space 4}-.0442972{col 67}{space 3} .0189512
{txt}{space 8}cash {c |}{col 14}{res}{space 2} .0413785{col 26}{space 2} .0421241{col 37}{space 1}    0.98{col 46}{space 3}0.326{col 54}{space 4}-.0411832{col 67}{space 3} .1239402
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.0115367{col 26}{space 2} .0218247{col 37}{space 1}   -0.53{col 46}{space 3}0.597{col 54}{space 4}-.0543123{col 67}{space 3} .0312389
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2} .0162422{col 26}{space 2} .0176394{col 37}{space 1}    0.92{col 46}{space 3}0.357{col 54}{space 4}-.0183304{col 67}{space 3} .0508149
{txt}{space 9}tsr {c |}{col 14}{res}{space 2}-.0255369{col 26}{space 2} .0080097{col 37}{space 1}   -3.19{col 46}{space 3}0.001{col 54}{space 4}-.0412357{col 67}{space 3}-.0098381
{txt}{space 7}union {c |}{col 14}{res}{space 2} .0040992{col 26}{space 2} .0129518{col 37}{space 1}    0.32{col 46}{space 3}0.752{col 54}{space 4}-.0212858{col 67}{space 3} .0294842
{txt}{space 10}rd {c |}{col 14}{res}{space 2} .2613599{col 26}{space 2} .1210789{col 37}{space 1}    2.16{col 46}{space 3}0.031{col 54}{space 4} .0240496{col 67}{space 3} .4986702
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 5.561703{col 26}{space 2} .0435377{col 37}{space 1}  127.74{col 46}{space 3}0.000{col 54}{space 4} 5.476371{col 67}{space 3} 5.647036
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      147{col 27}{space 1}        0{col 39}{result}{space 1}      147{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est4{txt} stored)

{com}. esttab using "Output/Tables/RF/T4_firm_words.csv", b(3) pr2 varwidth(25) title("Total Words") order(pr_quint_5 pr_quint_1 ln_upr ln_epr size mtb roa io cash lev salesg_w tsr union rd) star(* 0.10 ** 0.05  *** 0.01 ) drop(_cons) replace
{res}{txt}(output written to {browse  `"Output/Tables/RF/T4_firm_words.csv"'})

{com}. 
. ********************
. *Spin Sum
. ********************
. est clear
{txt}
{com}. eststo: xi: ppmlhdfe spin_num pr_quint_5 pr_quint_1 size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1, absorb(ffi49)
{res}{txt}(dropped 19 observations that are either {browse "http://scorreia.com/research/singletons.pdf":singletons} or {browse "http://scorreia.com/research/separation.pdf":separated} by a fixed effect)
{res}{txt}{col  0}Iteration 1:{txt}{col 16}deviance = {res}4.2477e+03 {col 39}{txt}eps = {res}.        {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -3.21  {txt}P   
{txt}{col  0}Iteration 2:{txt}{col 16}deviance = {res}3.8332e+03 {col 39}{txt}eps = {res}1.08e-01 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -3.50  {txt}    
{txt}{col  0}Iteration 3:{txt}{col 16}deviance = {res}3.8063e+03 {col 39}{txt}eps = {res}7.08e-03 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -3.53  {txt}    
{txt}{col  0}Iteration 4:{txt}{col 16}deviance = {res}3.8060e+03 {col 39}{txt}eps = {res}7.99e-05 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -3.53  {txt}    
{txt}{col  0}Iteration 5:{txt}{col 16}deviance = {res}3.8060e+03 {col 39}{txt}eps = {res}4.73e-08 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-05{col 82}{txt} min(eta) = {res} -3.53  {txt}    
{txt}{col  0}Iteration 6:{txt}{col 16}deviance = {res}3.8060e+03 {col 39}{txt}eps = {res}1.35e-13 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-06{col 82}{txt} min(eta) = {res} -3.53  {txt} S O
{txt}{hline 108}
{txt}(legend: {res}p{txt}: exact partial-out   {res}s{txt}: exact solver   {res}h{txt}: step-halving   {res}o{txt}: epsilon below tolerance)
{txt}Converged in 6 iterations and 6 HDFE sub-iterations (tol = 1.0e-08)
{res}{txt}
HDFE {help ppmlhdfe##description:PPML} regression{col 51}No. of obs{col 67}={col 69}{res}     2,382
{txt}Absorbing 1 HDFE group{col 51}Residual df{col 67}={col 69}{res}     2,325
{txt}{col 51}Wald chi2({res}12{txt}){col 67}={col 69}{res}     55.36
{txt}Deviance{col 22}={col 24}{res} 3805.988107{txt}{col 51}Prob > chi2{col 67}={col 69}{res}    0.0000
{txt}Log pseudolikelihood ={col 24}{res}-2492.466024{txt}{col 51}Pseudo R2{col 67}={col 69}{res}    0.0536
{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}    spin_num{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}pr_quint_5 {c |}{col 14}{res}{space 2} .2884206{col 26}{space 2} .1544895{col 37}{space 1}    1.87{col 46}{space 3}0.062{col 54}{space 4}-.0143734{col 67}{space 3} .5912145
{txt}{space 2}pr_quint_1 {c |}{col 14}{res}{space 2}-.1785626{col 26}{space 2} .1899106{col 37}{space 1}   -0.94{col 46}{space 3}0.347{col 54}{space 4}-.5507805{col 67}{space 3} .1936554
{txt}{space 8}size {c |}{col 14}{res}{space 2} .1339597{col 26}{space 2} .0461344{col 37}{space 1}    2.90{col 46}{space 3}0.004{col 54}{space 4} .0435379{col 67}{space 3} .2243816
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0319903{col 26}{space 2} .0305321{col 37}{space 1}    1.05{col 46}{space 3}0.295{col 54}{space 4}-.0278515{col 67}{space 3} .0918321
{txt}{space 9}roa {c |}{col 14}{res}{space 2} .5413302{col 26}{space 2} .4084488{col 37}{space 1}    1.33{col 46}{space 3}0.185{col 54}{space 4}-.2592146{col 67}{space 3} 1.341875
{txt}{space 10}io {c |}{col 14}{res}{space 2} .1476607{col 26}{space 2} .2635933{col 37}{space 1}    0.56{col 46}{space 3}0.575{col 54}{space 4}-.3689727{col 67}{space 3} .6642941
{txt}{space 8}cash {c |}{col 14}{res}{space 2} .8154955{col 26}{space 2} .4371818{col 37}{space 1}    1.87{col 46}{space 3}0.062{col 54}{space 4}-.0413651{col 67}{space 3} 1.672356
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.3400424{col 26}{space 2} .2489512{col 37}{space 1}   -1.37{col 46}{space 3}0.172{col 54}{space 4}-.8279778{col 67}{space 3}  .147893
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2}-.0801741{col 26}{space 2} .2307528{col 37}{space 1}   -0.35{col 46}{space 3}0.728{col 54}{space 4}-.5324413{col 67}{space 3} .3720931
{txt}{space 9}tsr {c |}{col 14}{res}{space 2} .2277061{col 26}{space 2} .1089631{col 37}{space 1}    2.09{col 46}{space 3}0.037{col 54}{space 4} .0141424{col 67}{space 3} .4412698
{txt}{space 7}union {c |}{col 14}{res}{space 2}-.0248654{col 26}{space 2} .1722497{col 37}{space 1}   -0.14{col 46}{space 3}0.885{col 54}{space 4}-.3624686{col 67}{space 3} .3127377
{txt}{space 10}rd {c |}{col 14}{res}{space 2}-.0083986{col 26}{space 2} .7733481{col 37}{space 1}   -0.01{col 46}{space 3}0.991{col 54}{space 4}-1.524133{col 67}{space 3} 1.507336
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-2.166826{col 26}{space 2} .4009608{col 37}{space 1}   -5.40{col 46}{space 3}0.000{col 54}{space 4}-2.952695{col 67}{space 3}-1.380957
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       45{col 27}{space 1}        0{col 39}{result}{space 1}       45{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est1{txt} stored)

{com}. eststo: xi: ppmlhdfe spin_num pr_quint_5 pr_quint_1 size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1, absorb(indyr)
{res}{txt}(dropped 55 observations that are either {browse "http://scorreia.com/research/singletons.pdf":singletons} or {browse "http://scorreia.com/research/separation.pdf":separated} by a fixed effect)
{res}{txt}{col  0}Iteration 1:{txt}{col 16}deviance = {res}1.1955e+04 {col 39}{txt}eps = {res}.        {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -4.29  {txt}P   
{txt}{col  0}Iteration 2:{txt}{col 16}deviance = {res}1.0662e+04 {col 39}{txt}eps = {res}1.21e-01 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -4.58  {txt}    
{txt}{col  0}Iteration 3:{txt}{col 16}deviance = {res}1.0563e+04 {col 39}{txt}eps = {res}9.36e-03 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -4.67  {txt}    
{txt}{col  0}Iteration 4:{txt}{col 16}deviance = {res}1.0560e+04 {col 39}{txt}eps = {res}2.89e-04 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -4.70  {txt}    
{txt}{col  0}Iteration 5:{txt}{col 16}deviance = {res}1.0560e+04 {col 39}{txt}eps = {res}1.51e-05 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -4.70  {txt}    
{txt}{col  0}Iteration 6:{txt}{col 16}deviance = {res}1.0560e+04 {col 39}{txt}eps = {res}1.50e-07 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-05{col 82}{txt} min(eta) = {res} -4.70  {txt}    
{txt}{col  0}Iteration 7:{txt}{col 16}deviance = {res}1.0560e+04 {col 39}{txt}eps = {res}1.75e-11 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-06{col 82}{txt} min(eta) = {res} -4.70  {txt} S O
{txt}{hline 108}
{txt}(legend: {res}p{txt}: exact partial-out   {res}s{txt}: exact solver   {res}h{txt}: step-halving   {res}o{txt}: epsilon below tolerance)
{txt}Converged in 7 iterations and 7 HDFE sub-iterations (tol = 1.0e-08)
{res}{txt}
HDFE {help ppmlhdfe##description:PPML} regression{col 51}No. of obs{col 67}={col 69}{res}     6,315
{txt}Absorbing 1 HDFE group{col 51}Residual df{col 67}={col 69}{res}     6,167
{txt}{col 51}Wald chi2({res}12{txt}){col 67}={col 69}{res}    195.90
{txt}Deviance{col 22}={col 24}{res} 10559.69095{txt}{col 51}Prob > chi2{col 67}={col 69}{res}    0.0000
{txt}Log pseudolikelihood ={col 24}{res}-6881.955971{txt}{col 51}Pseudo R2{col 67}={col 69}{res}    0.0726
{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}    spin_num{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}pr_quint_5 {c |}{col 14}{res}{space 2} .5190858{col 26}{space 2} .1042901{col 37}{space 1}    4.98{col 46}{space 3}0.000{col 54}{space 4}  .314681{col 67}{space 3} .7234906
{txt}{space 2}pr_quint_1 {c |}{col 14}{res}{space 2}-.0627231{col 26}{space 2} .1235456{col 37}{space 1}   -0.51{col 46}{space 3}0.612{col 54}{space 4} -.304868{col 67}{space 3} .1794218
{txt}{space 8}size {c |}{col 14}{res}{space 2}  .182058{col 26}{space 2} .0261121{col 37}{space 1}    6.97{col 46}{space 3}0.000{col 54}{space 4} .1308792{col 67}{space 3} .2332368
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0627822{col 26}{space 2} .0175194{col 37}{space 1}    3.58{col 46}{space 3}0.000{col 54}{space 4} .0284448{col 67}{space 3} .0971195
{txt}{space 9}roa {c |}{col 14}{res}{space 2} .5628293{col 26}{space 2} .3123929{col 37}{space 1}    1.80{col 46}{space 3}0.072{col 54}{space 4}-.0494496{col 67}{space 3} 1.175108
{txt}{space 10}io {c |}{col 14}{res}{space 2} .0364411{col 26}{space 2}  .047411{col 37}{space 1}    0.77{col 46}{space 3}0.442{col 54}{space 4}-.0564827{col 67}{space 3}  .129365
{txt}{space 8}cash {c |}{col 14}{res}{space 2} .3497509{col 26}{space 2} .3157045{col 37}{space 1}    1.11{col 46}{space 3}0.268{col 54}{space 4}-.2690185{col 67}{space 3} .9685203
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.4114184{col 26}{space 2} .1362236{col 37}{space 1}   -3.02{col 46}{space 3}0.003{col 54}{space 4}-.6784117{col 67}{space 3} -.144425
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2}-.0165381{col 26}{space 2}  .134331{col 37}{space 1}   -0.12{col 46}{space 3}0.902{col 54}{space 4} -.279822{col 67}{space 3} .2467457
{txt}{space 9}tsr {c |}{col 14}{res}{space 2}-.0227664{col 26}{space 2} .0318032{col 37}{space 1}   -0.72{col 46}{space 3}0.474{col 54}{space 4}-.0850995{col 67}{space 3} .0395667
{txt}{space 7}union {c |}{col 14}{res}{space 2}-.0105389{col 26}{space 2} .0968335{col 37}{space 1}   -0.11{col 46}{space 3}0.913{col 54}{space 4} -.200329{col 67}{space 3} .1792512
{txt}{space 10}rd {c |}{col 14}{res}{space 2} 1.075173{col 26}{space 2} .6998961{col 37}{space 1}    1.54{col 46}{space 3}0.124{col 54}{space 4}-.2965981{col 67}{space 3} 2.446944
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-2.390505{col 26}{space 2} .2346566{col 37}{space 1}  -10.19{col 46}{space 3}0.000{col 54}{space 4}-2.850424{col 67}{space 3}-1.930587
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      136{col 27}{space 1}        0{col 39}{result}{space 1}      136{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est2{txt} stored)

{com}. eststo: xi: ppmlhdfe spin_num ln_upr ln_epr size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1, absorb(ffi49)
{res}{txt}(dropped 29 observations that are either {browse "http://scorreia.com/research/singletons.pdf":singletons} or {browse "http://scorreia.com/research/separation.pdf":separated} by a fixed effect)
{res}{txt}{col  0}Iteration 1:{txt}{col 16}deviance = {res}3.9174e+03 {col 39}{txt}eps = {res}.        {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -3.28  {txt}P   
{txt}{col  0}Iteration 2:{txt}{col 16}deviance = {res}3.5354e+03 {col 39}{txt}eps = {res}1.08e-01 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -3.60  {txt}    
{txt}{col  0}Iteration 3:{txt}{col 16}deviance = {res}3.5120e+03 {col 39}{txt}eps = {res}6.67e-03 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -3.66  {txt}    
{txt}{col  0}Iteration 4:{txt}{col 16}deviance = {res}3.5118e+03 {col 39}{txt}eps = {res}5.62e-05 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -3.66  {txt}    
{txt}{col  0}Iteration 5:{txt}{col 16}deviance = {res}3.5118e+03 {col 39}{txt}eps = {res}1.02e-08 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-05{col 82}{txt} min(eta) = {res} -3.66  {txt}    
{txt}{col  0}Iteration 6:{txt}{col 16}deviance = {res}3.5118e+03 {col 39}{txt}eps = {res}8.84e-16 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-06{col 82}{txt} min(eta) = {res} -3.66  {txt} S O
{txt}{hline 108}
{txt}(legend: {res}p{txt}: exact partial-out   {res}s{txt}: exact solver   {res}h{txt}: step-halving   {res}o{txt}: epsilon below tolerance)
{txt}Converged in 6 iterations and 6 HDFE sub-iterations (tol = 1.0e-08)
{res}{txt}
HDFE {help ppmlhdfe##description:PPML} regression{col 51}No. of obs{col 67}={col 69}{res}     2,186
{txt}Absorbing 1 HDFE group{col 51}Residual df{col 67}={col 69}{res}     2,130
{txt}{col 51}Wald chi2({res}12{txt}){col 67}={col 69}{res}     63.20
{txt}Deviance{col 22}={col 24}{res} 3511.814083{txt}{col 51}Prob > chi2{col 67}={col 69}{res}    0.0000
{txt}Log pseudolikelihood ={col 24}{res} -2299.79584{txt}{col 51}Pseudo R2{col 67}={col 69}{res}    0.0638
{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}    spin_num{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}ln_upr {c |}{col 14}{res}{space 2} .1818742{col 26}{space 2} .0578362{col 37}{space 1}    3.14{col 46}{space 3}0.002{col 54}{space 4} .0685173{col 67}{space 3} .2952311
{txt}{space 6}ln_epr {c |}{col 14}{res}{space 2} .3678209{col 26}{space 2} .2864047{col 37}{space 1}    1.28{col 46}{space 3}0.199{col 54}{space 4} -.193522{col 67}{space 3} .9291637
{txt}{space 8}size {c |}{col 14}{res}{space 2}  .061189{col 26}{space 2}  .110265{col 37}{space 1}    0.55{col 46}{space 3}0.579{col 54}{space 4}-.1549264{col 67}{space 3} .2773044
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0115176{col 26}{space 2}  .037773{col 37}{space 1}    0.30{col 46}{space 3}0.760{col 54}{space 4}-.0625162{col 67}{space 3} .0855514
{txt}{space 9}roa {c |}{col 14}{res}{space 2} .7462003{col 26}{space 2} .5169164{col 37}{space 1}    1.44{col 46}{space 3}0.149{col 54}{space 4}-.2669373{col 67}{space 3} 1.759338
{txt}{space 10}io {c |}{col 14}{res}{space 2} .2443763{col 26}{space 2} .2957332{col 37}{space 1}    0.83{col 46}{space 3}0.409{col 54}{space 4}-.3352502{col 67}{space 3} .8240028
{txt}{space 8}cash {c |}{col 14}{res}{space 2} 1.016195{col 26}{space 2} .4466523{col 37}{space 1}    2.28{col 46}{space 3}0.023{col 54}{space 4} .1407723{col 67}{space 3} 1.891617
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.4783663{col 26}{space 2}  .268929{col 37}{space 1}   -1.78{col 46}{space 3}0.075{col 54}{space 4}-1.005457{col 67}{space 3} .0487248
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2}-.0596008{col 26}{space 2} .2620406{col 37}{space 1}   -0.23{col 46}{space 3}0.820{col 54}{space 4}-.5731909{col 67}{space 3} .4539893
{txt}{space 9}tsr {c |}{col 14}{res}{space 2} .2019576{col 26}{space 2} .1213533{col 37}{space 1}    1.66{col 46}{space 3}0.096{col 54}{space 4}-.0358904{col 67}{space 3} .4398057
{txt}{space 7}union {c |}{col 14}{res}{space 2} .0099388{col 26}{space 2} .1803721{col 37}{space 1}    0.06{col 46}{space 3}0.956{col 54}{space 4}-.3435841{col 67}{space 3} .3634616
{txt}{space 10}rd {c |}{col 14}{res}{space 2} .4622823{col 26}{space 2}  1.42852{col 37}{space 1}    0.32{col 46}{space 3}0.746{col 54}{space 4}-2.337566{col 67}{space 3}  3.26213
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-3.208234{col 26}{space 2} .6043779{col 37}{space 1}   -5.31{col 46}{space 3}0.000{col 54}{space 4}-4.392793{col 67}{space 3}-2.023675
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       44{col 27}{space 1}        0{col 39}{result}{space 1}       44{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est3{txt} stored)

{com}. eststo: xi: ppmlhdfe spin_num ln_upr ln_epr size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1, absorb(indyr)
{res}{txt}(dropped 80 observations that are either {browse "http://scorreia.com/research/singletons.pdf":singletons} or {browse "http://scorreia.com/research/separation.pdf":separated} by a fixed effect)
{res}{txt}{col  0}Iteration 1:{txt}{col 16}deviance = {res}1.1131e+04 {col 39}{txt}eps = {res}.        {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -4.54  {txt}P   
{txt}{col  0}Iteration 2:{txt}{col 16}deviance = {res}9.9010e+03 {col 39}{txt}eps = {res}1.24e-01 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -4.88  {txt}    
{txt}{col  0}Iteration 3:{txt}{col 16}deviance = {res}9.8085e+03 {col 39}{txt}eps = {res}9.44e-03 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -5.00  {txt}    
{txt}{col  0}Iteration 4:{txt}{col 16}deviance = {res}9.8069e+03 {col 39}{txt}eps = {res}1.61e-04 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -5.04  {txt}    
{txt}{col  0}Iteration 5:{txt}{col 16}deviance = {res}9.8069e+03 {col 39}{txt}eps = {res}5.25e-07 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -5.04  {txt}    
{txt}{col  0}Iteration 6:{txt}{col 16}deviance = {res}9.8069e+03 {col 39}{txt}eps = {res}6.88e-11 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-05{col 82}{txt} min(eta) = {res} -5.04  {txt} S O
{txt}{hline 108}
{txt}(legend: {res}p{txt}: exact partial-out   {res}s{txt}: exact solver   {res}h{txt}: step-halving   {res}o{txt}: epsilon below tolerance)
{txt}Converged in 6 iterations and 6 HDFE sub-iterations (tol = 1.0e-08)
{res}{txt}
HDFE {help ppmlhdfe##description:PPML} regression{col 51}No. of obs{col 67}={col 69}{res}     5,922
{txt}Absorbing 1 HDFE group{col 51}Residual df{col 67}={col 69}{res}     5,776
{txt}{col 51}Wald chi2({res}12{txt}){col 67}={col 69}{res}    177.65
{txt}Deviance{col 22}={col 24}{res}  9806.87877{txt}{col 51}Prob > chi2{col 67}={col 69}{res}    0.0000
{txt}Log pseudolikelihood ={col 24}{res}-6410.972529{txt}{col 51}Pseudo R2{col 67}={col 69}{res}    0.0826
{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}    spin_num{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}ln_upr {c |}{col 14}{res}{space 2} .3001432{col 26}{space 2} .0488071{col 37}{space 1}    6.15{col 46}{space 3}0.000{col 54}{space 4} .2044831{col 67}{space 3} .3958034
{txt}{space 6}ln_epr {c |}{col 14}{res}{space 2} .3168879{col 26}{space 2} .1852151{col 37}{space 1}    1.71{col 46}{space 3}0.087{col 54}{space 4} -.046127{col 67}{space 3} .6799028
{txt}{space 8}size {c |}{col 14}{res}{space 2} .1462012{col 26}{space 2} .0677742{col 37}{space 1}    2.16{col 46}{space 3}0.031{col 54}{space 4} .0133662{col 67}{space 3} .2790361
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0524871{col 26}{space 2} .0187835{col 37}{space 1}    2.79{col 46}{space 3}0.005{col 54}{space 4} .0156721{col 67}{space 3}  .089302
{txt}{space 9}roa {c |}{col 14}{res}{space 2} .5543275{col 26}{space 2} .3426256{col 37}{space 1}    1.62{col 46}{space 3}0.106{col 54}{space 4}-.1172063{col 67}{space 3} 1.225861
{txt}{space 10}io {c |}{col 14}{res}{space 2}  .020349{col 26}{space 2} .0539669{col 37}{space 1}    0.38{col 46}{space 3}0.706{col 54}{space 4}-.0854241{col 67}{space 3} .1261221
{txt}{space 8}cash {c |}{col 14}{res}{space 2} .6504072{col 26}{space 2} .3169088{col 37}{space 1}    2.05{col 46}{space 3}0.040{col 54}{space 4} .0292773{col 67}{space 3} 1.271537
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.4234143{col 26}{space 2} .1375867{col 37}{space 1}   -3.08{col 46}{space 3}0.002{col 54}{space 4}-.6930792{col 67}{space 3}-.1537494
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2}-.0145708{col 26}{space 2} .1450494{col 37}{space 1}   -0.10{col 46}{space 3}0.920{col 54}{space 4}-.2988624{col 67}{space 3} .2697209
{txt}{space 9}tsr {c |}{col 14}{res}{space 2} .0013014{col 26}{space 2} .0379407{col 37}{space 1}    0.03{col 46}{space 3}0.973{col 54}{space 4} -.073061{col 67}{space 3} .0756639
{txt}{space 7}union {c |}{col 14}{res}{space 2} .0007337{col 26}{space 2} .1002489{col 37}{space 1}    0.01{col 46}{space 3}0.994{col 54}{space 4}-.1957505{col 67}{space 3} .1972178
{txt}{space 10}rd {c |}{col 14}{res}{space 2} 1.132515{col 26}{space 2} .7127153{col 37}{space 1}    1.59{col 46}{space 3}0.112{col 54}{space 4}-.2643813{col 67}{space 3} 2.529411
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-3.395843{col 26}{space 2} .3651174{col 37}{space 1}   -9.30{col 46}{space 3}0.000{col 54}{space 4} -4.11146{col 67}{space 3}-2.680226
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      134{col 27}{space 1}        0{col 39}{result}{space 1}      134{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est4{txt} stored)

{com}. esttab using "Output/Tables/RF/T4_firm_spin.csv", b(3) pr2 varwidth(25) title("Spin words") order(pr_quint_5 pr_quint_1 ln_upr ln_epr size mtb roa io cash lev salesg_w tsr union rd) star(* 0.10 ** 0.05  *** 0.01 ) drop( _cons) replace
{res}{txt}(output written to {browse  `"Output/Tables/RF/T4_firm_spin.csv"'})

{com}.        
. ********************
. *Explain Sum
. ********************
. est clear
{txt}
{com}. eststo: xi: ppmlhdfe explain_num pr_quint_5 pr_quint_1 size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1 ,absorb(ffi49)
{res}{txt}{col  0}Iteration 1:{txt}{col 16}deviance = {res}2.7337e+03 {col 39}{txt}eps = {res}.        {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -0.91  {txt}P   
{txt}{col  0}Iteration 2:{txt}{col 16}deviance = {res}2.7037e+03 {col 39}{txt}eps = {res}1.11e-02 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -1.22  {txt}    
{txt}{col  0}Iteration 3:{txt}{col 16}deviance = {res}2.7036e+03 {col 39}{txt}eps = {res}3.13e-05 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -1.28  {txt}    
{txt}{col  0}Iteration 4:{txt}{col 16}deviance = {res}2.7036e+03 {col 39}{txt}eps = {res}3.70e-09 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-05{col 82}{txt} min(eta) = {res} -1.28  {txt}    
{txt}{col  0}Iteration 5:{txt}{col 16}deviance = {res}2.7036e+03 {col 39}{txt}eps = {res}2.84e-15 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-06{col 82}{txt} min(eta) = {res} -1.28  {txt} S O
{txt}{hline 108}
{txt}(legend: {res}p{txt}: exact partial-out   {res}s{txt}: exact solver   {res}h{txt}: step-halving   {res}o{txt}: epsilon below tolerance)
{txt}Converged in 5 iterations and 5 HDFE sub-iterations (tol = 1.0e-08)
{res}{txt}
HDFE {help ppmlhdfe##description:PPML} regression{col 51}No. of obs{col 67}={col 69}{res}     2,401
{txt}Absorbing 1 HDFE group{col 51}Residual df{col 67}={col 69}{res}     2,340
{txt}{col 51}Wald chi2({res}12{txt}){col 67}={col 69}{res}     42.70
{txt}Deviance{col 22}={col 24}{res} 2703.570437{txt}{col 51}Prob > chi2{col 67}={col 69}{res}    0.0000
{txt}Log pseudolikelihood ={col 24}{res} -3383.77887{txt}{col 51}Pseudo R2{col 67}={col 69}{res}    0.0286
{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1} explain_num{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}pr_quint_5 {c |}{col 14}{res}{space 2} .1470924{col 26}{space 2}  .049321{col 37}{space 1}    2.98{col 46}{space 3}0.003{col 54}{space 4}  .050425{col 67}{space 3} .2437598
{txt}{space 2}pr_quint_1 {c |}{col 14}{res}{space 2}-.2057857{col 26}{space 2} .0618832{col 37}{space 1}   -3.33{col 46}{space 3}0.001{col 54}{space 4}-.3270746{col 67}{space 3}-.0844969
{txt}{space 8}size {c |}{col 14}{res}{space 2} .0040178{col 26}{space 2} .0139226{col 37}{space 1}    0.29{col 46}{space 3}0.773{col 54}{space 4}-.0232701{col 67}{space 3} .0313057
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0050096{col 26}{space 2} .0088303{col 37}{space 1}    0.57{col 46}{space 3}0.570{col 54}{space 4}-.0122975{col 67}{space 3} .0223166
{txt}{space 9}roa {c |}{col 14}{res}{space 2} -.095477{col 26}{space 2} .1153542{col 37}{space 1}   -0.83{col 46}{space 3}0.408{col 54}{space 4} -.321567{col 67}{space 3}  .130613
{txt}{space 10}io {c |}{col 14}{res}{space 2} .0963336{col 26}{space 2} .0797566{col 37}{space 1}    1.21{col 46}{space 3}0.227{col 54}{space 4}-.0599864{col 67}{space 3} .2526536
{txt}{space 8}cash {c |}{col 14}{res}{space 2} .2313071{col 26}{space 2} .1257302{col 37}{space 1}    1.84{col 46}{space 3}0.066{col 54}{space 4}-.0151196{col 67}{space 3} .4777338
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.0204747{col 26}{space 2} .0772423{col 37}{space 1}   -0.27{col 46}{space 3}0.791{col 54}{space 4}-.1718669{col 67}{space 3} .1309175
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2}  .138686{col 26}{space 2} .0548773{col 37}{space 1}    2.53{col 46}{space 3}0.011{col 54}{space 4} .0311285{col 67}{space 3} .2462436
{txt}{space 9}tsr {c |}{col 14}{res}{space 2}-.0500715{col 26}{space 2} .0427711{col 37}{space 1}   -1.17{col 46}{space 3}0.242{col 54}{space 4}-.1339014{col 67}{space 3} .0337584
{txt}{space 7}union {c |}{col 14}{res}{space 2} .0218448{col 26}{space 2} .0451982{col 37}{space 1}    0.48{col 46}{space 3}0.629{col 54}{space 4}-.0667421{col 67}{space 3} .1104316
{txt}{space 10}rd {c |}{col 14}{res}{space 2} .1049398{col 26}{space 2} .2171819{col 37}{space 1}    0.48{col 46}{space 3}0.629{col 54}{space 4}-.3207288{col 67}{space 3} .5306084
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} .0973258{col 26}{space 2} .1312152{col 37}{space 1}    0.74{col 46}{space 3}0.458{col 54}{space 4}-.1598512{col 67}{space 3} .3545029
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       49{col 27}{space 1}        0{col 39}{result}{space 1}       49{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est1{txt} stored)

{com}. eststo: xi: ppmlhdfe explain_num pr_quint_5 pr_quint_1 size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1 ,absorb(indyr)
{res}{txt}{col  0}Iteration 1:{txt}{col 16}deviance = {res}7.3402e+03 {col 39}{txt}eps = {res}.        {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -1.19  {txt}P   
{txt}{col  0}Iteration 2:{txt}{col 16}deviance = {res}7.2543e+03 {col 39}{txt}eps = {res}1.18e-02 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -1.64  {txt}    
{txt}{col  0}Iteration 3:{txt}{col 16}deviance = {res}7.2540e+03 {col 39}{txt}eps = {res}3.62e-05 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -1.77  {txt}    
{txt}{col  0}Iteration 4:{txt}{col 16}deviance = {res}7.2540e+03 {col 39}{txt}eps = {res}1.39e-08 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-05{col 82}{txt} min(eta) = {res} -1.78  {txt}    
{txt}{col  0}Iteration 5:{txt}{col 16}deviance = {res}7.2540e+03 {col 39}{txt}eps = {res}3.10e-13 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-06{col 82}{txt} min(eta) = {res} -1.78  {txt} S O
{txt}{hline 108}
{txt}(legend: {res}p{txt}: exact partial-out   {res}s{txt}: exact solver   {res}h{txt}: step-halving   {res}o{txt}: epsilon below tolerance)
{txt}Converged in 5 iterations and 5 HDFE sub-iterations (tol = 1.0e-08)
{res}{txt}
HDFE {help ppmlhdfe##description:PPML} regression{col 51}No. of obs{col 67}={col 69}{res}     6,370
{txt}Absorbing 1 HDFE group{col 51}Residual df{col 67}={col 69}{res}     6,211
{txt}{col 51}Wald chi2({res}12{txt}){col 67}={col 69}{res}     88.10
{txt}Deviance{col 22}={col 24}{res} 7254.015228{txt}{col 51}Prob > chi2{col 67}={col 69}{res}    0.0000
{txt}Log pseudolikelihood ={col 24}{res} -8876.69039{txt}{col 51}Pseudo R2{col 67}={col 69}{res}    0.0274
{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1} explain_num{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}pr_quint_5 {c |}{col 14}{res}{space 2} .1357562{col 26}{space 2} .0320181{col 37}{space 1}    4.24{col 46}{space 3}0.000{col 54}{space 4} .0730019{col 67}{space 3} .1985106
{txt}{space 2}pr_quint_1 {c |}{col 14}{res}{space 2}-.0680341{col 26}{space 2} .0352237{col 37}{space 1}   -1.93{col 46}{space 3}0.053{col 54}{space 4}-.1370713{col 67}{space 3} .0010031
{txt}{space 8}size {c |}{col 14}{res}{space 2} .0225685{col 26}{space 2}   .00913{col 37}{space 1}    2.47{col 46}{space 3}0.013{col 54}{space 4} .0046741{col 67}{space 3} .0404629
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0179685{col 26}{space 2} .0069689{col 37}{space 1}    2.58{col 46}{space 3}0.010{col 54}{space 4} .0043096{col 67}{space 3} .0316273
{txt}{space 9}roa {c |}{col 14}{res}{space 2}-.1962671{col 26}{space 2} .0752689{col 37}{space 1}   -2.61{col 46}{space 3}0.009{col 54}{space 4}-.3437914{col 67}{space 3}-.0487427
{txt}{space 10}io {c |}{col 14}{res}{space 2}-.0155569{col 26}{space 2}  .033695{col 37}{space 1}   -0.46{col 46}{space 3}0.644{col 54}{space 4}-.0815979{col 67}{space 3} .0504841
{txt}{space 8}cash {c |}{col 14}{res}{space 2} .1375416{col 26}{space 2} .0908242{col 37}{space 1}    1.51{col 46}{space 3}0.130{col 54}{space 4}-.0404706{col 67}{space 3} .3155538
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.0843251{col 26}{space 2}  .048026{col 37}{space 1}   -1.76{col 46}{space 3}0.079{col 54}{space 4}-.1784543{col 67}{space 3} .0098042
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2} .1037433{col 26}{space 2}  .035631{col 37}{space 1}    2.91{col 46}{space 3}0.004{col 54}{space 4} .0339079{col 67}{space 3} .1735787
{txt}{space 9}tsr {c |}{col 14}{res}{space 2}-.0395063{col 26}{space 2} .0158178{col 37}{space 1}   -2.50{col 46}{space 3}0.013{col 54}{space 4}-.0705086{col 67}{space 3} -.008504
{txt}{space 7}union {c |}{col 14}{res}{space 2} .0492757{col 26}{space 2} .0278245{col 37}{space 1}    1.77{col 46}{space 3}0.077{col 54}{space 4}-.0052593{col 67}{space 3} .1038107
{txt}{space 10}rd {c |}{col 14}{res}{space 2} .3697959{col 26}{space 2} .2074066{col 37}{space 1}    1.78{col 46}{space 3}0.075{col 54}{space 4}-.0367136{col 67}{space 3} .7763053
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} -.013108{col 26}{space 2} .0849872{col 37}{space 1}   -0.15{col 46}{space 3}0.877{col 54}{space 4}-.1796798{col 67}{space 3} .1534638
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      147{col 27}{space 1}        0{col 39}{result}{space 1}      147{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est2{txt} stored)

{com}. eststo: xi: ppmlhdfe explain_num ln_upr ln_epr size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1 ,absorb(ffi49)
{res}{txt}{col  0}Iteration 1:{txt}{col 16}deviance = {res}2.4991e+03 {col 39}{txt}eps = {res}.        {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -0.96  {txt}P   
{txt}{col  0}Iteration 2:{txt}{col 16}deviance = {res}2.4716e+03 {col 39}{txt}eps = {res}1.11e-02 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -1.27  {txt}    
{txt}{col  0}Iteration 3:{txt}{col 16}deviance = {res}2.4715e+03 {col 39}{txt}eps = {res}3.11e-05 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -1.34  {txt}    
{txt}{col  0}Iteration 4:{txt}{col 16}deviance = {res}2.4715e+03 {col 39}{txt}eps = {res}4.34e-09 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-05{col 82}{txt} min(eta) = {res} -1.34  {txt}    
{txt}{col  0}Iteration 5:{txt}{col 16}deviance = {res}2.4715e+03 {col 39}{txt}eps = {res}3.73e-15 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-06{col 82}{txt} min(eta) = {res} -1.34  {txt} S O
{txt}{hline 108}
{txt}(legend: {res}p{txt}: exact partial-out   {res}s{txt}: exact solver   {res}h{txt}: step-halving   {res}o{txt}: epsilon below tolerance)
{txt}Converged in 5 iterations and 5 HDFE sub-iterations (tol = 1.0e-08)
{res}{txt}
HDFE {help ppmlhdfe##description:PPML} regression{col 51}No. of obs{col 67}={col 69}{res}     2,215
{txt}Absorbing 1 HDFE group{col 51}Residual df{col 67}={col 69}{res}     2,154
{txt}{col 51}Wald chi2({res}12{txt}){col 67}={col 69}{res}     54.12
{txt}Deviance{col 22}={col 24}{res} 2471.498765{txt}{col 51}Prob > chi2{col 67}={col 69}{res}    0.0000
{txt}Log pseudolikelihood ={col 24}{res}-3110.634769{txt}{col 51}Pseudo R2{col 67}={col 69}{res}    0.0326
{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1} explain_num{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}ln_upr {c |}{col 14}{res}{space 2} .1215615{col 26}{space 2} .0228766{col 37}{space 1}    5.31{col 46}{space 3}0.000{col 54}{space 4} .0767241{col 67}{space 3} .1663989
{txt}{space 6}ln_epr {c |}{col 14}{res}{space 2} .0134448{col 26}{space 2} .0841076{col 37}{space 1}    0.16{col 46}{space 3}0.873{col 54}{space 4}-.1514032{col 67}{space 3} .1782928
{txt}{space 8}size {c |}{col 14}{res}{space 2} .0332615{col 26}{space 2} .0340177{col 37}{space 1}    0.98{col 46}{space 3}0.328{col 54}{space 4} -.033412{col 67}{space 3} .0999351
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0013242{col 26}{space 2}  .009161{col 37}{space 1}    0.14{col 46}{space 3}0.885{col 54}{space 4}-.0166311{col 67}{space 3} .0192795
{txt}{space 9}roa {c |}{col 14}{res}{space 2}-.0389846{col 26}{space 2} .1216729{col 37}{space 1}   -0.32{col 46}{space 3}0.749{col 54}{space 4} -.277459{col 67}{space 3} .1994899
{txt}{space 10}io {c |}{col 14}{res}{space 2} .0859849{col 26}{space 2} .0842774{col 37}{space 1}    1.02{col 46}{space 3}0.308{col 54}{space 4}-.0791958{col 67}{space 3} .2511656
{txt}{space 8}cash {c |}{col 14}{res}{space 2}  .154394{col 26}{space 2} .1352642{col 37}{space 1}    1.14{col 46}{space 3}0.254{col 54}{space 4}-.1107189{col 67}{space 3} .4195069
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.0351299{col 26}{space 2} .0804371{col 37}{space 1}   -0.44{col 46}{space 3}0.662{col 54}{space 4}-.1927838{col 67}{space 3} .1225239
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2} .0927899{col 26}{space 2} .0615895{col 37}{space 1}    1.51{col 46}{space 3}0.132{col 54}{space 4}-.0279233{col 67}{space 3} .2135031
{txt}{space 9}tsr {c |}{col 14}{res}{space 2}-.0223144{col 26}{space 2} .0441563{col 37}{space 1}   -0.51{col 46}{space 3}0.613{col 54}{space 4}-.1088591{col 67}{space 3} .0642304
{txt}{space 7}union {c |}{col 14}{res}{space 2} .0265595{col 26}{space 2} .0465993{col 37}{space 1}    0.57{col 46}{space 3}0.569{col 54}{space 4}-.0647735{col 67}{space 3} .1178925
{txt}{space 10}rd {c |}{col 14}{res}{space 2} .6549633{col 26}{space 2} .3055578{col 37}{space 1}    2.14{col 46}{space 3}0.032{col 54}{space 4}  .056081{col 67}{space 3} 1.253846
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-.1928407{col 26}{space 2} .1679163{col 37}{space 1}   -1.15{col 46}{space 3}0.251{col 54}{space 4}-.5219507{col 67}{space 3} .1362693
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       49{col 27}{space 1}        0{col 39}{result}{space 1}       49{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est3{txt} stored)

{com}. eststo: xi: ppmlhdfe explain_num ln_upr ln_epr size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1 ,absorb(indyr)
{res}{txt}{col  0}Iteration 1:{txt}{col 16}deviance = {res}6.8820e+03 {col 39}{txt}eps = {res}.        {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -1.23  {txt}P   
{txt}{col  0}Iteration 2:{txt}{col 16}deviance = {res}6.7982e+03 {col 39}{txt}eps = {res}1.23e-02 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -1.67  {txt}    
{txt}{col  0}Iteration 3:{txt}{col 16}deviance = {res}6.7979e+03 {col 39}{txt}eps = {res}5.43e-05 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -1.80  {txt}    
{txt}{col  0}Iteration 4:{txt}{col 16}deviance = {res}6.7979e+03 {col 39}{txt}eps = {res}2.75e-08 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-05{col 82}{txt} min(eta) = {res} -1.81  {txt}    
{txt}{col  0}Iteration 5:{txt}{col 16}deviance = {res}6.7979e+03 {col 39}{txt}eps = {res}3.34e-13 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-06{col 82}{txt} min(eta) = {res} -1.81  {txt} S O
{txt}{hline 108}
{txt}(legend: {res}p{txt}: exact partial-out   {res}s{txt}: exact solver   {res}h{txt}: step-halving   {res}o{txt}: epsilon below tolerance)
{txt}Converged in 5 iterations and 5 HDFE sub-iterations (tol = 1.0e-08)
{res}{txt}
HDFE {help ppmlhdfe##description:PPML} regression{col 51}No. of obs{col 67}={col 69}{res}     6,002
{txt}Absorbing 1 HDFE group{col 51}Residual df{col 67}={col 69}{res}     5,843
{txt}{col 51}Wald chi2({res}12{txt}){col 67}={col 69}{res}     91.28
{txt}Deviance{col 22}={col 24}{res} 6797.857253{txt}{col 51}Prob > chi2{col 67}={col 69}{res}    0.0000
{txt}Log pseudolikelihood ={col 24}{res}-8332.535658{txt}{col 51}Pseudo R2{col 67}={col 69}{res}    0.0295
{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1} explain_num{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}ln_upr {c |}{col 14}{res}{space 2}  .080683{col 26}{space 2} .0147384{col 37}{space 1}    5.47{col 46}{space 3}0.000{col 54}{space 4} .0517962{col 67}{space 3} .1095697
{txt}{space 6}ln_epr {c |}{col 14}{res}{space 2}-.0486682{col 26}{space 2} .0505313{col 37}{space 1}   -0.96{col 46}{space 3}0.335{col 54}{space 4}-.1477078{col 67}{space 3} .0503713
{txt}{space 8}size {c |}{col 14}{res}{space 2} .0621639{col 26}{space 2} .0205506{col 37}{space 1}    3.02{col 46}{space 3}0.002{col 54}{space 4} .0218855{col 67}{space 3} .1024423
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0167953{col 26}{space 2} .0072272{col 37}{space 1}    2.32{col 46}{space 3}0.020{col 54}{space 4} .0026302{col 67}{space 3} .0309604
{txt}{space 9}roa {c |}{col 14}{res}{space 2} -.217934{col 26}{space 2} .0915632{col 37}{space 1}   -2.38{col 46}{space 3}0.017{col 54}{space 4}-.3973945{col 67}{space 3}-.0384735
{txt}{space 10}io {c |}{col 14}{res}{space 2}-.0288871{col 26}{space 2} .0340739{col 37}{space 1}   -0.85{col 46}{space 3}0.397{col 54}{space 4}-.0956706{col 67}{space 3} .0378965
{txt}{space 8}cash {c |}{col 14}{res}{space 2} .1220435{col 26}{space 2} .0963713{col 37}{space 1}    1.27{col 46}{space 3}0.205{col 54}{space 4}-.0668408{col 67}{space 3} .3109279
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.0760405{col 26}{space 2} .0507542{col 37}{space 1}   -1.50{col 46}{space 3}0.134{col 54}{space 4}-.1755169{col 67}{space 3}  .023436
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2}  .084598{col 26}{space 2} .0375252{col 37}{space 1}    2.25{col 46}{space 3}0.024{col 54}{space 4} .0110499{col 67}{space 3} .1581461
{txt}{space 9}tsr {c |}{col 14}{res}{space 2}-.0386234{col 26}{space 2} .0179784{col 37}{space 1}   -2.15{col 46}{space 3}0.032{col 54}{space 4}-.0738603{col 67}{space 3}-.0033864
{txt}{space 7}union {c |}{col 14}{res}{space 2} .0628032{col 26}{space 2} .0286666{col 37}{space 1}    2.19{col 46}{space 3}0.028{col 54}{space 4} .0066178{col 67}{space 3} .1189886
{txt}{space 10}rd {c |}{col 14}{res}{space 2} .4983381{col 26}{space 2} .2636779{col 37}{space 1}    1.89{col 46}{space 3}0.059{col 54}{space 4} -.018461{col 67}{space 3} 1.015137
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-.1032229{col 26}{space 2} .0999199{col 37}{space 1}   -1.03{col 46}{space 3}0.302{col 54}{space 4}-.2990624{col 67}{space 3} .0926166
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      147{col 27}{space 1}        0{col 39}{result}{space 1}      147{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est4{txt} stored)

{com}. esttab using "Output/Tables/RF/T4_firm_explain.csv", b(3) pr2 varwidth(25) title("Explain words") order(pr_quint_5 pr_quint_1 ln_upr ln_epr size mtb roa io cash lev salesg_w tsr union rd) star(* 0.10 ** 0.05  *** 0.01 ) drop( _cons) replace
{res}{txt}(output written to {browse  `"Output/Tables/RF/T4_firm_explain.csv"'})

{com}.                 
. ********************
. *Supplemental Ratios
. ********************
. est clear
{txt}
{com}. eststo: xi: ppmlhdfe suppl_num pr_quint_5 pr_quint_1 size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1, absorb(ffi49)
{res}{txt}(dropped 71 observations that are either {browse "http://scorreia.com/research/singletons.pdf":singletons} or {browse "http://scorreia.com/research/separation.pdf":separated} by a fixed effect)
{res}{txt}{col  0}Iteration 1:{txt}{col 16}deviance = {res}1.1148e+03 {col 39}{txt}eps = {res}.        {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -4.75  {txt}P   
{txt}{col  0}Iteration 2:{txt}{col 16}deviance = {res}9.9282e+02 {col 39}{txt}eps = {res}1.23e-01 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -9.43  {txt}    
{txt}{col  0}Iteration 3:{txt}{col 16}deviance = {res}9.8413e+02 {col 39}{txt}eps = {res}8.83e-03 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-13.47  {txt}    
{txt}{col  0}Iteration 4:{txt}{col 16}deviance = {res}9.8402e+02 {col 39}{txt}eps = {res}1.17e-04 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-14.45  {txt}    
{txt}{col  0}Iteration 5:{txt}{col 16}deviance = {res}9.8402e+02 {col 39}{txt}eps = {res}6.97e-08 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-14.48  {txt}    
{txt}{col  0}Iteration 6:{txt}{col 16}deviance = {res}9.8402e+02 {col 39}{txt}eps = {res}6.45e-14 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-05{col 82}{txt} min(eta) = {res}-14.48  {txt} S O
{txt}{hline 108}
{txt}(legend: {res}p{txt}: exact partial-out   {res}s{txt}: exact solver   {res}h{txt}: step-halving   {res}o{txt}: epsilon below tolerance)
{txt}Converged in 6 iterations and 6 HDFE sub-iterations (tol = 1.0e-08)
{res}{txt}
HDFE {help ppmlhdfe##description:PPML} regression{col 51}No. of obs{col 67}={col 69}{res}     2,330
{txt}Absorbing 1 HDFE group{col 51}Residual df{col 67}={col 69}{res}     2,278
{txt}{col 51}Wald chi2({res}12{txt}){col 67}={col 69}{res}    137.83
{txt}Deviance{col 22}={col 24}{res} 984.0154665{txt}{col 51}Prob > chi2{col 67}={col 69}{res}    0.0000
{txt}Log pseudolikelihood ={col 24}{res}-757.5419974{txt}{col 51}Pseudo R2{col 67}={col 69}{res}    0.1121
{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}   suppl_num{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}pr_quint_5 {c |}{col 14}{res}{space 2} 1.273348{col 26}{space 2} .1424267{col 37}{space 1}    8.94{col 46}{space 3}0.000{col 54}{space 4} .9941963{col 67}{space 3} 1.552499
{txt}{space 2}pr_quint_1 {c |}{col 14}{res}{space 2} -1.34271{col 26}{space 2} .3019409{col 37}{space 1}   -4.45{col 46}{space 3}0.000{col 54}{space 4}-1.934503{col 67}{space 3}-.7509167
{txt}{space 8}size {c |}{col 14}{res}{space 2}-.1236799{col 26}{space 2} .0455996{col 37}{space 1}   -2.71{col 46}{space 3}0.007{col 54}{space 4}-.2130535{col 67}{space 3}-.0343063
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0226542{col 26}{space 2} .0363049{col 37}{space 1}    0.62{col 46}{space 3}0.533{col 54}{space 4}-.0485021{col 67}{space 3} .0938106
{txt}{space 9}roa {c |}{col 14}{res}{space 2}-.1177354{col 26}{space 2} .4558702{col 37}{space 1}   -0.26{col 46}{space 3}0.796{col 54}{space 4}-1.011225{col 67}{space 3} .7757539
{txt}{space 10}io {c |}{col 14}{res}{space 2} .2335178{col 26}{space 2} .2508331{col 37}{space 1}    0.93{col 46}{space 3}0.352{col 54}{space 4} -.258106{col 67}{space 3} .7251415
{txt}{space 8}cash {c |}{col 14}{res}{space 2} .9300435{col 26}{space 2} .3763983{col 37}{space 1}    2.47{col 46}{space 3}0.013{col 54}{space 4} .1923163{col 67}{space 3} 1.667771
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.2755051{col 26}{space 2} .2319349{col 37}{space 1}   -1.19{col 46}{space 3}0.235{col 54}{space 4}-.7300891{col 67}{space 3} .1790789
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2} .3606809{col 26}{space 2} .2234585{col 37}{space 1}    1.61{col 46}{space 3}0.107{col 54}{space 4}-.0772897{col 67}{space 3} .7986515
{txt}{space 9}tsr {c |}{col 14}{res}{space 2}-.4104516{col 26}{space 2} .1680696{col 37}{space 1}   -2.44{col 46}{space 3}0.015{col 54}{space 4}-.7398621{col 67}{space 3}-.0810412
{txt}{space 7}union {c |}{col 14}{res}{space 2}-.0870499{col 26}{space 2} .1295371{col 37}{space 1}   -0.67{col 46}{space 3}0.502{col 54}{space 4} -.340938{col 67}{space 3} .1668382
{txt}{space 10}rd {c |}{col 14}{res}{space 2}-3.197125{col 26}{space 2} 1.606783{col 37}{space 1}   -1.99{col 46}{space 3}0.047{col 54}{space 4}-6.346363{col 67}{space 3}-.0478873
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-1.493739{col 26}{space 2}   .40991{col 37}{space 1}   -3.64{col 46}{space 3}0.000{col 54}{space 4}-2.297148{col 67}{space 3}-.6903306
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       40{col 27}{space 1}        0{col 39}{result}{space 1}       40{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est1{txt} stored)

{com}. eststo: xi: ppmlhdfe suppl_num pr_quint_5 pr_quint_1 size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1, absorb(indyr)
{res}{txt}(dropped 238 observations that are either {browse "http://scorreia.com/research/singletons.pdf":singletons} or {browse "http://scorreia.com/research/separation.pdf":separated} by a fixed effect)
{res}{txt}{col  0}Iteration 1:{txt}{col 16}deviance = {res}2.8483e+03 {col 39}{txt}eps = {res}.        {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -6.45  {txt}P   
{txt}{col  0}Iteration 2:{txt}{col 16}deviance = {res}2.4851e+03 {col 39}{txt}eps = {res}1.46e-01 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -7.95  {txt}    
{txt}{col  0}Iteration 3:{txt}{col 16}deviance = {res}2.4536e+03 {col 39}{txt}eps = {res}1.28e-02 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -9.06  {txt}    
{txt}{col  0}Iteration 4:{txt}{col 16}deviance = {res}2.4530e+03 {col 39}{txt}eps = {res}2.71e-04 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -9.31  {txt}    
{txt}{col  0}Iteration 5:{txt}{col 16}deviance = {res}2.4530e+03 {col 39}{txt}eps = {res}6.95e-07 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -9.32  {txt}    
{txt}{col  0}Iteration 6:{txt}{col 16}deviance = {res}2.4530e+03 {col 39}{txt}eps = {res}2.91e-11 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-05{col 82}{txt} min(eta) = {res} -9.32  {txt} S O
{txt}{hline 108}
{txt}(legend: {res}p{txt}: exact partial-out   {res}s{txt}: exact solver   {res}h{txt}: step-halving   {res}o{txt}: epsilon below tolerance)
{txt}Converged in 6 iterations and 6 HDFE sub-iterations (tol = 1.0e-08)
{res}{txt}
HDFE {help ppmlhdfe##description:PPML} regression{col 51}No. of obs{col 67}={col 69}{res}     6,132
{txt}Absorbing 1 HDFE group{col 51}Residual df{col 67}={col 69}{res}     6,004
{txt}{col 51}Wald chi2({res}12{txt}){col 67}={col 69}{res}    257.34
{txt}Deviance{col 22}={col 24}{res} 2452.971344{txt}{col 51}Prob > chi2{col 67}={col 69}{res}    0.0000
{txt}Log pseudolikelihood ={col 24}{res}-1820.387162{txt}{col 51}Pseudo R2{col 67}={col 69}{res}    0.1023
{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}   suppl_num{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}pr_quint_5 {c |}{col 14}{res}{space 2} 1.411465{col 26}{space 2} .1048729{col 37}{space 1}   13.46{col 46}{space 3}0.000{col 54}{space 4} 1.205918{col 67}{space 3} 1.617012
{txt}{space 2}pr_quint_1 {c |}{col 14}{res}{space 2}-.6601923{col 26}{space 2} .1740754{col 37}{space 1}   -3.79{col 46}{space 3}0.000{col 54}{space 4}-1.001374{col 67}{space 3}-.3190108
{txt}{space 8}size {c |}{col 14}{res}{space 2}-.1159093{col 26}{space 2} .0310022{col 37}{space 1}   -3.74{col 46}{space 3}0.000{col 54}{space 4}-.1766724{col 67}{space 3}-.0551461
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0033042{col 26}{space 2} .0264743{col 37}{space 1}    0.12{col 46}{space 3}0.901{col 54}{space 4}-.0485844{col 67}{space 3} .0551928
{txt}{space 9}roa {c |}{col 14}{res}{space 2} .9789781{col 26}{space 2} .3649047{col 37}{space 1}    2.68{col 46}{space 3}0.007{col 54}{space 4}  .263778{col 67}{space 3} 1.694178
{txt}{space 10}io {c |}{col 14}{res}{space 2}-.1339947{col 26}{space 2} .1301662{col 37}{space 1}   -1.03{col 46}{space 3}0.303{col 54}{space 4}-.3891157{col 67}{space 3} .1211264
{txt}{space 8}cash {c |}{col 14}{res}{space 2} .2868768{col 26}{space 2} .3290411{col 37}{space 1}    0.87{col 46}{space 3}0.383{col 54}{space 4} -.358032{col 67}{space 3} .9317856
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.2724208{col 26}{space 2} .1745833{col 37}{space 1}   -1.56{col 46}{space 3}0.119{col 54}{space 4}-.6145977{col 67}{space 3} .0697562
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2}-.1677992{col 26}{space 2} .1961357{col 37}{space 1}   -0.86{col 46}{space 3}0.392{col 54}{space 4}-.5522181{col 67}{space 3} .2166197
{txt}{space 9}tsr {c |}{col 14}{res}{space 2}-.2006331{col 26}{space 2} .1156991{col 37}{space 1}   -1.73{col 46}{space 3}0.083{col 54}{space 4}-.4273993{col 67}{space 3}  .026133
{txt}{space 7}union {c |}{col 14}{res}{space 2}  .026151{col 26}{space 2} .0907792{col 37}{space 1}    0.29{col 46}{space 3}0.773{col 54}{space 4}-.1517729{col 67}{space 3} .2040749
{txt}{space 10}rd {c |}{col 14}{res}{space 2}  1.04042{col 26}{space 2} .8213937{col 37}{space 1}    1.27{col 46}{space 3}0.205{col 54}{space 4}-.5694819{col 67}{space 3} 2.650322
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-1.517394{col 26}{space 2} .2974556{col 37}{space 1}   -5.10{col 46}{space 3}0.000{col 54}{space 4}-2.100396{col 67}{space 3}-.9343916
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      116{col 27}{space 1}        0{col 39}{result}{space 1}      116{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est2{txt} stored)

{com}. eststo: xi: ppmlhdfe suppl_num ln_upr ln_epr size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1, absorb(ffi49)
{res}{txt}(dropped 77 observations that are either {browse "http://scorreia.com/research/singletons.pdf":singletons} or {browse "http://scorreia.com/research/separation.pdf":separated} by a fixed effect)
{res}{txt}{col  0}Iteration 1:{txt}{col 16}deviance = {res}9.8637e+02 {col 39}{txt}eps = {res}.        {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -4.10  {txt}P   
{txt}{col  0}Iteration 2:{txt}{col 16}deviance = {res}8.7743e+02 {col 39}{txt}eps = {res}1.24e-01 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -4.58  {txt}    
{txt}{col  0}Iteration 3:{txt}{col 16}deviance = {res}8.6982e+02 {col 39}{txt}eps = {res}8.76e-03 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -4.77  {txt}    
{txt}{col  0}Iteration 4:{txt}{col 16}deviance = {res}8.6973e+02 {col 39}{txt}eps = {res}1.03e-04 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -4.80  {txt}    
{txt}{col  0}Iteration 5:{txt}{col 16}deviance = {res}8.6973e+02 {col 39}{txt}eps = {res}4.02e-08 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -4.80  {txt}    
{txt}{col  0}Iteration 6:{txt}{col 16}deviance = {res}8.6973e+02 {col 39}{txt}eps = {res}3.20e-14 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-05{col 82}{txt} min(eta) = {res} -4.80  {txt} S O
{txt}{hline 108}
{txt}(legend: {res}p{txt}: exact partial-out   {res}s{txt}: exact solver   {res}h{txt}: step-halving   {res}o{txt}: epsilon below tolerance)
{txt}Converged in 6 iterations and 6 HDFE sub-iterations (tol = 1.0e-08)
{res}{txt}
HDFE {help ppmlhdfe##description:PPML} regression{col 51}No. of obs{col 67}={col 69}{res}     2,138
{txt}Absorbing 1 HDFE group{col 51}Residual df{col 67}={col 69}{res}     2,087
{txt}{col 51}Wald chi2({res}12{txt}){col 67}={col 69}{res}    168.39
{txt}Deviance{col 22}={col 24}{res} 869.7278108{txt}{col 51}Prob > chi2{col 67}={col 69}{res}    0.0000
{txt}Log pseudolikelihood ={col 24}{res}-676.0913167{txt}{col 51}Pseudo R2{col 67}={col 69}{res}    0.1292
{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}   suppl_num{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}ln_upr {c |}{col 14}{res}{space 2} .7867336{col 26}{space 2} .0709178{col 37}{space 1}   11.09{col 46}{space 3}0.000{col 54}{space 4} .6477372{col 67}{space 3}   .92573
{txt}{space 6}ln_epr {c |}{col 14}{res}{space 2}  .983657{col 26}{space 2}  .256143{col 37}{space 1}    3.84{col 46}{space 3}0.000{col 54}{space 4}  .481626{col 67}{space 3} 1.485688
{txt}{space 8}size {c |}{col 14}{res}{space 2}-.2650356{col 26}{space 2} .1048033{col 37}{space 1}   -2.53{col 46}{space 3}0.011{col 54}{space 4}-.4704463{col 67}{space 3}-.0596249
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0164898{col 26}{space 2} .0404448{col 37}{space 1}    0.41{col 46}{space 3}0.683{col 54}{space 4}-.0627805{col 67}{space 3} .0957602
{txt}{space 9}roa {c |}{col 14}{res}{space 2}-.5150434{col 26}{space 2} .4958177{col 37}{space 1}   -1.04{col 46}{space 3}0.299{col 54}{space 4}-1.486828{col 67}{space 3} .4567415
{txt}{space 10}io {c |}{col 14}{res}{space 2}   .11202{col 26}{space 2} .2627804{col 37}{space 1}    0.43{col 46}{space 3}0.670{col 54}{space 4}-.4030201{col 67}{space 3} .6270601
{txt}{space 8}cash {c |}{col 14}{res}{space 2} .9523791{col 26}{space 2} .4203905{col 37}{space 1}    2.27{col 46}{space 3}0.023{col 54}{space 4} .1284289{col 67}{space 3} 1.776329
{txt}{space 9}lev {c |}{col 14}{res}{space 2} -.341796{col 26}{space 2} .2647356{col 37}{space 1}   -1.29{col 46}{space 3}0.197{col 54}{space 4}-.8606683{col 67}{space 3} .1770763
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2} .4301934{col 26}{space 2} .2459214{col 37}{space 1}    1.75{col 46}{space 3}0.080{col 54}{space 4}-.0518038{col 67}{space 3} .9121905
{txt}{space 9}tsr {c |}{col 14}{res}{space 2}-.4392324{col 26}{space 2} .1764964{col 37}{space 1}   -2.49{col 46}{space 3}0.013{col 54}{space 4}-.7851589{col 67}{space 3}-.0933058
{txt}{space 7}union {c |}{col 14}{res}{space 2}-.1081872{col 26}{space 2} .1356305{col 37}{space 1}   -0.80{col 46}{space 3}0.425{col 54}{space 4}-.3740181{col 67}{space 3} .1576438
{txt}{space 10}rd {c |}{col 14}{res}{space 2}-3.069881{col 26}{space 2} 1.604495{col 37}{space 1}   -1.91{col 46}{space 3}0.056{col 54}{space 4}-6.214633{col 67}{space 3} .0748712
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-4.527749{col 26}{space 2} .5728348{col 37}{space 1}   -7.90{col 46}{space 3}0.000{col 54}{space 4}-5.650484{col 67}{space 3}-3.405013
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       39{col 27}{space 1}        0{col 39}{result}{space 1}       39{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est3{txt} stored)

{com}. eststo: xi: ppmlhdfe suppl_num ln_upr ln_epr size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1, absorb(indyr)
{res}{txt}(dropped 287 observations that are either {browse "http://scorreia.com/research/singletons.pdf":singletons} or {browse "http://scorreia.com/research/separation.pdf":separated} by a fixed effect)
{res}{txt}{col  0}Iteration 1:{txt}{col 16}deviance = {res}2.6318e+03 {col 39}{txt}eps = {res}.        {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -6.08  {txt}P   
{txt}{col  0}Iteration 2:{txt}{col 16}deviance = {res}2.3202e+03 {col 39}{txt}eps = {res}1.34e-01 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -6.85  {txt}    
{txt}{col  0}Iteration 3:{txt}{col 16}deviance = {res}2.2957e+03 {col 39}{txt}eps = {res}1.07e-02 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -7.24  {txt}    
{txt}{col  0}Iteration 4:{txt}{col 16}deviance = {res}2.2954e+03 {col 39}{txt}eps = {res}1.60e-04 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -7.30  {txt}    
{txt}{col  0}Iteration 5:{txt}{col 16}deviance = {res}2.2954e+03 {col 39}{txt}eps = {res}1.13e-07 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -7.30  {txt}    
{txt}{col  0}Iteration 6:{txt}{col 16}deviance = {res}2.2954e+03 {col 39}{txt}eps = {res}2.35e-13 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-05{col 82}{txt} min(eta) = {res} -7.30  {txt} S O
{txt}{hline 108}
{txt}(legend: {res}p{txt}: exact partial-out   {res}s{txt}: exact solver   {res}h{txt}: step-halving   {res}o{txt}: epsilon below tolerance)
{txt}Converged in 6 iterations and 6 HDFE sub-iterations (tol = 1.0e-08)
{res}{txt}
HDFE {help ppmlhdfe##description:PPML} regression{col 51}No. of obs{col 67}={col 69}{res}     5,715
{txt}Absorbing 1 HDFE group{col 51}Residual df{col 67}={col 69}{res}     5,590
{txt}{col 51}Wald chi2({res}12{txt}){col 67}={col 69}{res}    215.72
{txt}Deviance{col 22}={col 24}{res}  2295.36572{txt}{col 51}Prob > chi2{col 67}={col 69}{res}    0.0000
{txt}Log pseudolikelihood ={col 24}{res} -1704.58435{txt}{col 51}Pseudo R2{col 67}={col 69}{res}    0.1033
{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}   suppl_num{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}ln_upr {c |}{col 14}{res}{space 2} .7328976{col 26}{space 2} .0560823{col 37}{space 1}   13.07{col 46}{space 3}0.000{col 54}{space 4} .6229784{col 67}{space 3} .8428168
{txt}{space 6}ln_epr {c |}{col 14}{res}{space 2} .7452461{col 26}{space 2} .1960113{col 37}{space 1}    3.80{col 46}{space 3}0.000{col 54}{space 4} .3610709{col 67}{space 3} 1.129421
{txt}{space 8}size {c |}{col 14}{res}{space 2}-.1616232{col 26}{space 2} .0789595{col 37}{space 1}   -2.05{col 46}{space 3}0.041{col 54}{space 4} -.316381{col 67}{space 3}-.0068655
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0049388{col 26}{space 2} .0311398{col 37}{space 1}    0.16{col 46}{space 3}0.874{col 54}{space 4}-.0560942{col 67}{space 3} .0659717
{txt}{space 9}roa {c |}{col 14}{res}{space 2} .7387412{col 26}{space 2} .4264557{col 37}{space 1}    1.73{col 46}{space 3}0.083{col 54}{space 4}-.0970967{col 67}{space 3} 1.574579
{txt}{space 10}io {c |}{col 14}{res}{space 2}-.2414564{col 26}{space 2} .1874735{col 37}{space 1}   -1.29{col 46}{space 3}0.198{col 54}{space 4}-.6088977{col 67}{space 3} .1259849
{txt}{space 8}cash {c |}{col 14}{res}{space 2} .2115824{col 26}{space 2} .3488577{col 37}{space 1}    0.61{col 46}{space 3}0.544{col 54}{space 4}-.4721661{col 67}{space 3} .8953309
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.2708355{col 26}{space 2} .1822164{col 37}{space 1}   -1.49{col 46}{space 3}0.137{col 54}{space 4} -.627973{col 67}{space 3}  .086302
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2}-.1272807{col 26}{space 2} .2115657{col 37}{space 1}   -0.60{col 46}{space 3}0.547{col 54}{space 4}-.5419418{col 67}{space 3} .2873805
{txt}{space 9}tsr {c |}{col 14}{res}{space 2} -.232832{col 26}{space 2} .1262778{col 37}{space 1}   -1.84{col 46}{space 3}0.065{col 54}{space 4}-.4803319{col 67}{space 3} .0146679
{txt}{space 7}union {c |}{col 14}{res}{space 2}-.0022252{col 26}{space 2} .0934153{col 37}{space 1}   -0.02{col 46}{space 3}0.981{col 54}{space 4}-.1853159{col 67}{space 3} .1808655
{txt}{space 10}rd {c |}{col 14}{res}{space 2} 1.085914{col 26}{space 2} .8142577{col 37}{space 1}    1.33{col 46}{space 3}0.182{col 54}{space 4}-.5100023{col 67}{space 3} 2.681829
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-4.134251{col 26}{space 2} .4207203{col 37}{space 1}   -9.83{col 46}{space 3}0.000{col 54}{space 4}-4.958848{col 67}{space 3}-3.309655
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      113{col 27}{space 1}        0{col 39}{result}{space 1}      113{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est4{txt} stored)

{com}. esttab using "Output/Tables/RF/T4_firm_suppl.csv", b(3) pr2 varwidth(25) title("Supplemental Ratios") order(pr_quint_5 pr_quint_1 ln_upr ln_epr size mtb roa io cash lev salesg_w tsr union rd) star(* 0.10 ** 0.05  *** 0.01 ) drop(  _cons) replace
{res}{txt}(output written to {browse  `"Output/Tables/RF/T4_firm_suppl.csv"'})

{com}. 
. ********************
. *Tout Sum
. ********************
. est clear
{txt}
{com}. eststo: xi: ppmlhdfe tout_num pr_quint_5 pr_quint_1 size mtb roa io cas lev salesg_w tsr union rd if sample_yr==1, absorb(ffi49)
{res}{txt}(dropped 192 observations that are either {browse "http://scorreia.com/research/singletons.pdf":singletons} or {browse "http://scorreia.com/research/separation.pdf":separated} by a fixed effect)
{res}{txt}{col  0}Iteration 1:{txt}{col 16}deviance = {res}1.2993e+03 {col 39}{txt}eps = {res}.        {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -3.72  {txt}P   
{txt}{col  0}Iteration 2:{txt}{col 16}deviance = {res}1.0813e+03 {col 39}{txt}eps = {res}2.02e-01 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -4.32  {txt}    
{txt}{col  0}Iteration 3:{txt}{col 16}deviance = {res}1.0565e+03 {col 39}{txt}eps = {res}2.35e-02 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -4.64  {txt}    
{txt}{col  0}Iteration 4:{txt}{col 16}deviance = {res}1.0557e+03 {col 39}{txt}eps = {res}7.34e-04 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -4.74  {txt}    
{txt}{col  0}Iteration 5:{txt}{col 16}deviance = {res}1.0557e+03 {col 39}{txt}eps = {res}3.22e-06 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -4.74  {txt}    
{txt}{col  0}Iteration 6:{txt}{col 16}deviance = {res}1.0557e+03 {col 39}{txt}eps = {res}5.15e-10 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-05{col 82}{txt} min(eta) = {res} -4.75  {txt} S O
{txt}{hline 108}
{txt}(legend: {res}p{txt}: exact partial-out   {res}s{txt}: exact solver   {res}h{txt}: step-halving   {res}o{txt}: epsilon below tolerance)
{txt}Converged in 6 iterations and 6 HDFE sub-iterations (tol = 1.0e-08)
{res}{txt}
HDFE {help ppmlhdfe##description:PPML} regression{col 51}No. of obs{col 67}={col 69}{res}     2,209
{txt}Absorbing 1 HDFE group{col 51}Residual df{col 67}={col 69}{res}     2,163
{txt}{col 51}Wald chi2({res}12{txt}){col 67}={col 69}{res}     41.91
{txt}Deviance{col 22}={col 24}{res} 1055.690311{txt}{col 51}Prob > chi2{col 67}={col 69}{res}    0.0000
{txt}Log pseudolikelihood ={col 24}{res}-699.0974418{txt}{col 51}Pseudo R2{col 67}={col 69}{res}    0.0877
{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}    tout_num{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}pr_quint_5 {c |}{col 14}{res}{space 2}-.6985387{col 26}{space 2} .3529138{col 37}{space 1}   -1.98{col 46}{space 3}0.048{col 54}{space 4}-1.390237{col 67}{space 3}-.0068404
{txt}{space 2}pr_quint_1 {c |}{col 14}{res}{space 2}  .437172{col 26}{space 2} .2016723{col 37}{space 1}    2.17{col 46}{space 3}0.030{col 54}{space 4} .0419015{col 67}{space 3} .8324424
{txt}{space 8}size {c |}{col 14}{res}{space 2}-.0927513{col 26}{space 2} .0637128{col 37}{space 1}   -1.46{col 46}{space 3}0.145{col 54}{space 4}-.2176261{col 67}{space 3} .0321235
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0353579{col 26}{space 2} .0364106{col 37}{space 1}    0.97{col 46}{space 3}0.332{col 54}{space 4}-.0360056{col 67}{space 3} .1067213
{txt}{space 9}roa {c |}{col 14}{res}{space 2} -.009798{col 26}{space 2} .4286107{col 37}{space 1}   -0.02{col 46}{space 3}0.982{col 54}{space 4}-.8498594{col 67}{space 3} .8302635
{txt}{space 10}io {c |}{col 14}{res}{space 2}-.2641456{col 26}{space 2} .3214671{col 37}{space 1}   -0.82{col 46}{space 3}0.411{col 54}{space 4}-.8942096{col 67}{space 3} .3659184
{txt}{space 8}cash {c |}{col 14}{res}{space 2}-.7999154{col 26}{space 2} .7094514{col 37}{space 1}   -1.13{col 46}{space 3}0.260{col 54}{space 4}-2.190415{col 67}{space 3} .5905838
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.3286677{col 26}{space 2} .3554745{col 37}{space 1}   -0.92{col 46}{space 3}0.355{col 54}{space 4}-1.025385{col 67}{space 3} .3680495
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2}-.2391873{col 26}{space 2} .3021679{col 37}{space 1}   -0.79{col 46}{space 3}0.429{col 54}{space 4}-.8314256{col 67}{space 3} .3530509
{txt}{space 9}tsr {c |}{col 14}{res}{space 2} .2869794{col 26}{space 2} .1528745{col 37}{space 1}    1.88{col 46}{space 3}0.060{col 54}{space 4}-.0126491{col 67}{space 3} .5866079
{txt}{space 7}union {c |}{col 14}{res}{space 2}-.2946493{col 26}{space 2} .2147755{col 37}{space 1}   -1.37{col 46}{space 3}0.170{col 54}{space 4}-.7156016{col 67}{space 3}  .126303
{txt}{space 10}rd {c |}{col 14}{res}{space 2}-.2472262{col 26}{space 2} .5887247{col 37}{space 1}   -0.42{col 46}{space 3}0.675{col 54}{space 4}-1.401105{col 67}{space 3} .9066529
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-1.070852{col 26}{space 2} .5451006{col 37}{space 1}   -1.96{col 46}{space 3}0.049{col 54}{space 4} -2.13923{col 67}{space 3}-.0024748
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       34{col 27}{space 1}        0{col 39}{result}{space 1}       34{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est1{txt} stored)

{com}. eststo: xi: ppmlhdfe tout_num pr_quint_5 pr_quint_1 size mtb roa io cas lev salesg_w tsr union rd if sample_yr!=1, absorb(indyr)
{res}{txt}(dropped 692 observations that are either {browse "http://scorreia.com/research/singletons.pdf":singletons} or {browse "http://scorreia.com/research/separation.pdf":separated} by a fixed effect)
{res}{txt}{col  0}Iteration 1:{txt}{col 16}deviance = {res}3.3420e+03 {col 39}{txt}eps = {res}.        {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -9.40  {txt}P   
{txt}{col  0}Iteration 2:{txt}{col 16}deviance = {res}2.7807e+03 {col 39}{txt}eps = {res}2.02e-01 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-12.15  {txt}    
{txt}{col  0}Iteration 3:{txt}{col 16}deviance = {res}2.7138e+03 {col 39}{txt}eps = {res}2.47e-02 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-14.76  {txt}    
{txt}{col  0}Iteration 4:{txt}{col 16}deviance = {res}2.7115e+03 {col 39}{txt}eps = {res}8.55e-04 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {err}-15.60  {txt}    
{txt}{col  0}Iteration 5:{txt}{col 16}deviance = {res}2.7114e+03 {col 39}{txt}eps = {res}3.26e-06 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {err}-15.63  {txt}    
{txt}{col  0}Iteration 6:{txt}{col 16}deviance = {res}2.7114e+03 {col 39}{txt}eps = {res}3.65e-10 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-05{col 82}{txt} min(eta) = {err}-15.63  {txt} S O
{txt}{hline 108}
{txt}(legend: {res}p{txt}: exact partial-out   {res}s{txt}: exact solver   {res}h{txt}: step-halving   {res}o{txt}: epsilon below tolerance)
{txt}Converged in 6 iterations and 6 HDFE sub-iterations (tol = 1.0e-08)
{res}{txt}
HDFE {help ppmlhdfe##description:PPML} regression{col 51}No. of obs{col 67}={col 69}{res}     5,678
{txt}Absorbing 1 HDFE group{col 51}Residual df{col 67}={col 69}{res}     5,570
{txt}{col 51}Wald chi2({res}12{txt}){col 67}={col 69}{res}     77.61
{txt}Deviance{col 22}={col 24}{res} 2711.446986{txt}{col 51}Prob > chi2{col 67}={col 69}{res}    0.0000
{txt}Log pseudolikelihood ={col 24}{res}-1777.967914{txt}{col 51}Pseudo R2{col 67}={col 69}{res}    0.0747
{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}    tout_num{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}pr_quint_5 {c |}{col 14}{res}{space 2}-.6004719{col 26}{space 2} .2030438{col 37}{space 1}   -2.96{col 46}{space 3}0.003{col 54}{space 4}-.9984305{col 67}{space 3}-.2025134
{txt}{space 2}pr_quint_1 {c |}{col 14}{res}{space 2} .3465868{col 26}{space 2} .1359694{col 37}{space 1}    2.55{col 46}{space 3}0.011{col 54}{space 4} .0800917{col 67}{space 3} .6130818
{txt}{space 8}size {c |}{col 14}{res}{space 2}-.0293697{col 26}{space 2} .0435103{col 37}{space 1}   -0.68{col 46}{space 3}0.500{col 54}{space 4}-.1146483{col 67}{space 3} .0559089
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0623605{col 26}{space 2}  .031877{col 37}{space 1}    1.96{col 46}{space 3}0.050{col 54}{space 4}-.0001173{col 67}{space 3} .1248384
{txt}{space 9}roa {c |}{col 14}{res}{space 2}-.6551653{col 26}{space 2} .2045578{col 37}{space 1}   -3.20{col 46}{space 3}0.001{col 54}{space 4}-1.056091{col 67}{space 3}-.2542394
{txt}{space 10}io {c |}{col 14}{res}{space 2} -.663772{col 26}{space 2} .2827773{col 37}{space 1}   -2.35{col 46}{space 3}0.019{col 54}{space 4}-1.218005{col 67}{space 3}-.1095387
{txt}{space 8}cash {c |}{col 14}{res}{space 2}-.7786099{col 26}{space 2} .4407958{col 37}{space 1}   -1.77{col 46}{space 3}0.077{col 54}{space 4}-1.642554{col 67}{space 3}  .085334
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.4901752{col 26}{space 2} .3011451{col 37}{space 1}   -1.63{col 46}{space 3}0.104{col 54}{space 4}-1.080409{col 67}{space 3} .1000583
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2} .1025995{col 26}{space 2} .1577053{col 37}{space 1}    0.65{col 46}{space 3}0.515{col 54}{space 4}-.2064971{col 67}{space 3} .4116961
{txt}{space 9}tsr {c |}{col 14}{res}{space 2}-.0007373{col 26}{space 2} .0477357{col 37}{space 1}   -0.02{col 46}{space 3}0.988{col 54}{space 4}-.0942976{col 67}{space 3}  .092823
{txt}{space 7}union {c |}{col 14}{res}{space 2} .0178305{col 26}{space 2} .1346641{col 37}{space 1}    0.13{col 46}{space 3}0.895{col 54}{space 4}-.2461062{col 67}{space 3} .2817672
{txt}{space 10}rd {c |}{col 14}{res}{space 2}-1.462839{col 26}{space 2} 1.117861{col 37}{space 1}   -1.31{col 46}{space 3}0.191{col 54}{space 4}-3.653806{col 67}{space 3} .7281277
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-1.160118{col 26}{space 2} .4107964{col 37}{space 1}   -2.82{col 46}{space 3}0.005{col 54}{space 4}-1.965265{col 67}{space 3}-.3549723
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}       96{col 27}{space 1}        0{col 39}{result}{space 1}       96{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est2{txt} stored)

{com}. eststo: xi: ppmlhdfe tout_num ln_upr ln_epr size mtb roa io cas lev salesg_w tsr union rd if sample_yr==1, absorb(ffi49)
{res}{txt}(dropped 174 observations that are either {browse "http://scorreia.com/research/singletons.pdf":singletons} or {browse "http://scorreia.com/research/separation.pdf":separated} by a fixed effect)
{res}{txt}{col  0}Iteration 1:{txt}{col 16}deviance = {res}1.2103e+03 {col 39}{txt}eps = {res}.        {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -3.67  {txt}P   
{txt}{col  0}Iteration 2:{txt}{col 16}deviance = {res}9.9016e+02 {col 39}{txt}eps = {res}2.22e-01 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -4.14  {txt}    
{txt}{col  0}Iteration 3:{txt}{col 16}deviance = {res}9.6185e+02 {col 39}{txt}eps = {res}2.94e-02 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -4.42  {txt}    
{txt}{col  0}Iteration 4:{txt}{col 16}deviance = {res}9.6071e+02 {col 39}{txt}eps = {res}1.19e-03 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -4.49  {txt}    
{txt}{col  0}Iteration 5:{txt}{col 16}deviance = {res}9.6070e+02 {col 39}{txt}eps = {res}5.07e-06 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -4.49  {txt}    
{txt}{col  0}Iteration 6:{txt}{col 16}deviance = {res}9.6070e+02 {col 39}{txt}eps = {res}4.17e-10 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-05{col 82}{txt} min(eta) = {res} -4.49  {txt} S O
{txt}{hline 108}
{txt}(legend: {res}p{txt}: exact partial-out   {res}s{txt}: exact solver   {res}h{txt}: step-halving   {res}o{txt}: epsilon below tolerance)
{txt}Converged in 6 iterations and 6 HDFE sub-iterations (tol = 1.0e-08)
{res}{txt}
HDFE {help ppmlhdfe##description:PPML} regression{col 51}No. of obs{col 67}={col 69}{res}     2,041
{txt}Absorbing 1 HDFE group{col 51}Residual df{col 67}={col 69}{res}     1,995
{txt}{col 51}Wald chi2({res}12{txt}){col 67}={col 69}{res}     21.61
{txt}Deviance{col 22}={col 24}{res} 960.7024083{txt}{col 51}Prob > chi2{col 67}={col 69}{res}    0.0422
{txt}Log pseudolikelihood ={col 24}{res}-632.8418149{txt}{col 51}Pseudo R2{col 67}={col 69}{res}    0.0766
{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}    tout_num{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}ln_upr {c |}{col 14}{res}{space 2}-.2265977{col 26}{space 2} .0952437{col 37}{space 1}   -2.38{col 46}{space 3}0.017{col 54}{space 4}-.4132719{col 67}{space 3}-.0399236
{txt}{space 6}ln_epr {c |}{col 14}{res}{space 2} .2221185{col 26}{space 2} .3859685{col 37}{space 1}    0.58{col 46}{space 3}0.565{col 54}{space 4}-.5343658{col 67}{space 3} .9786029
{txt}{space 8}size {c |}{col 14}{res}{space 2}-.2068626{col 26}{space 2} .1580165{col 37}{space 1}   -1.31{col 46}{space 3}0.190{col 54}{space 4}-.5165692{col 67}{space 3}  .102844
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0331632{col 26}{space 2} .0447209{col 37}{space 1}    0.74{col 46}{space 3}0.458{col 54}{space 4}-.0544881{col 67}{space 3} .1208144
{txt}{space 9}roa {c |}{col 14}{res}{space 2} .1445183{col 26}{space 2} .4814322{col 37}{space 1}    0.30{col 46}{space 3}0.764{col 54}{space 4}-.7990715{col 67}{space 3} 1.088108
{txt}{space 10}io {c |}{col 14}{res}{space 2}-.2925609{col 26}{space 2} .3618686{col 37}{space 1}   -0.81{col 46}{space 3}0.419{col 54}{space 4} -1.00181{col 67}{space 3} .4166886
{txt}{space 8}cash {c |}{col 14}{res}{space 2} -1.04694{col 26}{space 2} .7959883{col 37}{space 1}   -1.32{col 46}{space 3}0.188{col 54}{space 4}-2.607048{col 67}{space 3} .5131683
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.3732336{col 26}{space 2} .3870537{col 37}{space 1}   -0.96{col 46}{space 3}0.335{col 54}{space 4}-1.131845{col 67}{space 3} .3853776
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2}-.1257753{col 26}{space 2} .3859319{col 37}{space 1}   -0.33{col 46}{space 3}0.744{col 54}{space 4}-.8821879{col 67}{space 3} .6306373
{txt}{space 9}tsr {c |}{col 14}{res}{space 2} .2416048{col 26}{space 2} .2044626{col 37}{space 1}    1.18{col 46}{space 3}0.237{col 54}{space 4}-.1591345{col 67}{space 3} .6423441
{txt}{space 7}union {c |}{col 14}{res}{space 2}-.2810538{col 26}{space 2} .2294989{col 37}{space 1}   -1.22{col 46}{space 3}0.221{col 54}{space 4}-.7308634{col 67}{space 3} .1687558
{txt}{space 10}rd {c |}{col 14}{res}{space 2} .6302421{col 26}{space 2} 1.308295{col 37}{space 1}    0.48{col 46}{space 3}0.630{col 54}{space 4} -1.93397{col 67}{space 3} 3.194454
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-1.027905{col 26}{space 2} .6847642{col 37}{space 1}   -1.50{col 46}{space 3}0.133{col 54}{space 4}-2.370018{col 67}{space 3} .3142084
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       34{col 27}{space 1}        0{col 39}{result}{space 1}       34{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est3{txt} stored)

{com}. eststo: xi: ppmlhdfe tout_num ln_upr ln_epr size mtb roa io cas lev salesg_w tsr union rd if sample_yr!=1, absorb(indyr)
{res}{txt}(dropped 706 observations that are either {browse "http://scorreia.com/research/singletons.pdf":singletons} or {browse "http://scorreia.com/research/separation.pdf":separated} by a fixed effect)
{res}{txt}{col  0}Iteration 1:{txt}{col 16}deviance = {res}3.1645e+03 {col 39}{txt}eps = {res}.        {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -8.63  {txt}P   
{txt}{col  0}Iteration 2:{txt}{col 16}deviance = {res}2.5873e+03 {col 39}{txt}eps = {res}2.23e-01 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-10.91  {txt}    
{txt}{col  0}Iteration 3:{txt}{col 16}deviance = {res}2.5105e+03 {col 39}{txt}eps = {res}3.06e-02 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-13.07  {txt}    
{txt}{col  0}Iteration 4:{txt}{col 16}deviance = {res}2.5072e+03 {col 39}{txt}eps = {res}1.33e-03 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-13.82  {txt}    
{txt}{col  0}Iteration 5:{txt}{col 16}deviance = {res}2.5072e+03 {col 39}{txt}eps = {res}6.16e-06 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-13.85  {txt}    
{txt}{col  0}Iteration 6:{txt}{col 16}deviance = {res}2.5072e+03 {col 39}{txt}eps = {res}3.76e-10 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-05{col 82}{txt} min(eta) = {res}-13.85  {txt} S O
{txt}{hline 108}
{txt}(legend: {res}p{txt}: exact partial-out   {res}s{txt}: exact solver   {res}h{txt}: step-halving   {res}o{txt}: epsilon below tolerance)
{txt}Converged in 6 iterations and 6 HDFE sub-iterations (tol = 1.0e-08)
{res}{txt}
HDFE {help ppmlhdfe##description:PPML} regression{col 51}No. of obs{col 67}={col 69}{res}     5,296
{txt}Absorbing 1 HDFE group{col 51}Residual df{col 67}={col 69}{res}     5,189
{txt}{col 51}Wald chi2({res}12{txt}){col 67}={col 69}{res}     51.11
{txt}Deviance{col 22}={col 24}{res} 2507.157942{txt}{col 51}Prob > chi2{col 67}={col 69}{res}    0.0000
{txt}Log pseudolikelihood ={col 24}{res}-1642.300041{txt}{col 51}Pseudo R2{col 67}={col 69}{res}    0.0692
{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}    tout_num{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}ln_upr {c |}{col 14}{res}{space 2}-.2574039{col 26}{space 2} .0584601{col 37}{space 1}   -4.40{col 46}{space 3}0.000{col 54}{space 4}-.3719836{col 67}{space 3}-.1428241
{txt}{space 6}ln_epr {c |}{col 14}{res}{space 2} .3253069{col 26}{space 2} .2430143{col 37}{space 1}    1.34{col 46}{space 3}0.181{col 54}{space 4}-.1509924{col 67}{space 3} .8016061
{txt}{space 8}size {c |}{col 14}{res}{space 2}-.1939832{col 26}{space 2} .1005858{col 37}{space 1}   -1.93{col 46}{space 3}0.054{col 54}{space 4}-.3911279{col 67}{space 3} .0031614
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0420111{col 26}{space 2} .0403913{col 37}{space 1}    1.04{col 46}{space 3}0.298{col 54}{space 4}-.0371545{col 67}{space 3} .1211766
{txt}{space 9}roa {c |}{col 14}{res}{space 2}-.1202772{col 26}{space 2} .4787172{col 37}{space 1}   -0.25{col 46}{space 3}0.802{col 54}{space 4}-1.058546{col 67}{space 3} .8179912
{txt}{space 10}io {c |}{col 14}{res}{space 2}-.5632788{col 26}{space 2} .3054628{col 37}{space 1}   -1.84{col 46}{space 3}0.065{col 54}{space 4}-1.161975{col 67}{space 3} .0354173
{txt}{space 8}cash {c |}{col 14}{res}{space 2}-.7912101{col 26}{space 2} .4829727{col 37}{space 1}   -1.64{col 46}{space 3}0.101{col 54}{space 4}-1.737819{col 67}{space 3}  .155399
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.6027231{col 26}{space 2} .3301906{col 37}{space 1}   -1.83{col 46}{space 3}0.068{col 54}{space 4}-1.249885{col 67}{space 3} .0444385
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2} .1809717{col 26}{space 2} .1765078{col 37}{space 1}    1.03{col 46}{space 3}0.305{col 54}{space 4}-.1649773{col 67}{space 3} .5269207
{txt}{space 9}tsr {c |}{col 14}{res}{space 2} .0427177{col 26}{space 2} .0687316{col 37}{space 1}    0.62{col 46}{space 3}0.534{col 54}{space 4}-.0919937{col 67}{space 3} .1774291
{txt}{space 7}union {c |}{col 14}{res}{space 2}-.0116967{col 26}{space 2} .1441425{col 37}{space 1}   -0.08{col 46}{space 3}0.935{col 54}{space 4}-.2942107{col 67}{space 3} .2708173
{txt}{space 10}rd {c |}{col 14}{res}{space 2}-.4331134{col 26}{space 2} 1.203034{col 37}{space 1}   -0.36{col 46}{space 3}0.719{col 54}{space 4}-2.791017{col 67}{space 3} 1.924791
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-1.187767{col 26}{space 2} .4624689{col 37}{space 1}   -2.57{col 46}{space 3}0.010{col 54}{space 4} -2.09419{col 67}{space 3}-.2813451
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}       95{col 27}{space 1}        0{col 39}{result}{space 1}       95{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est4{txt} stored)

{com}. esttab using "Output/Tables/RF/T4_firm_tout.csv", b(3) pr2 varwidth(25) title("Tout words") order(pr_quint_5 pr_quint_1 ln_upr ln_epr size mtb roa io cas lev salesg_w tsr union rd) star(* 0.10 ** 0.05  *** 0.01 ) drop( _cons) replace
{res}{txt}(output written to {browse  `"Output/Tables/RF/T4_firm_tout.csv"'})

{com}. 
{txt}end of do-file

{com}. 
. // -------------------------- Table 5: Employee Based Determinants of Disclosure
. do Code/produce_table5
{txt}
{com}. 
. ************************************************************************************************************
. **#                                                     TABLE 5 - EMPLOYEE BASED DETERMINANTS OF FIRM DISCLOSURE
. ************************************************************************************************************
. 
. capture cd "C:\Users\austin.starkweather\Dropbox\Research\CEO Pay Ratio\Analysis"
{txt}
{com}. capture cd "/Users/joshw/Dropbox/CEO Pay Ratio/Analysis/"
{txt}
{com}. use "Data/Temp/dataset_main.dta", clear
{txt}
{com}. 
. est clear
{txt}
{com}. 
. ****************
. *Total words
. ****************
. eststo: xi: ppmlhdfe words pr_quint_5 pr_quint_1 size mtb roa io cash lev salesg_w tsr union rd wage_theft college_grad, absorb(indyr) 
{res}{txt}{col  0}Iteration 1:{txt}{col 16}deviance = {res}4.8668e+05 {col 39}{txt}eps = {res}.        {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}  0.05  {txt}P   
{txt}{col  0}Iteration 2:{txt}{col 16}deviance = {res}4.8524e+05 {col 39}{txt}eps = {res}2.97e-03 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -0.02  {txt}    
{txt}{col  0}Iteration 3:{txt}{col 16}deviance = {res}4.8524e+05 {col 39}{txt}eps = {res}3.96e-07 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -0.03  {txt}    
{txt}{col  0}Iteration 4:{txt}{col 16}deviance = {res}4.8524e+05 {col 39}{txt}eps = {res}1.39e-14 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-05{col 82}{txt} min(eta) = {res} -0.03  {txt}    
{txt}{col  0}Iteration 5:{txt}{col 16}deviance = {res}4.8524e+05 {col 39}{txt}eps = {res}0.00e+00 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-08{col 82}{txt} min(eta) = {res} -0.03  {txt} S O
{txt}{hline 108}
{txt}(legend: {res}p{txt}: exact partial-out   {res}s{txt}: exact solver   {res}h{txt}: step-halving   {res}o{txt}: epsilon below tolerance)
{txt}Converged in 5 iterations and 5 HDFE sub-iterations (tol = 1.0e-08)
{res}{txt}
HDFE {help ppmlhdfe##description:PPML} regression{col 51}No. of obs{col 67}={col 69}{res}     8,632
{txt}Absorbing 1 HDFE group{col 51}Residual df{col 67}={col 69}{res}     8,422
{txt}{col 51}Wald chi2({res}14{txt}){col 67}={col 69}{res}    277.96
{txt}Deviance{col 22}={col 24}{res} 485243.8393{txt}{col 51}Prob > chi2{col 67}={col 69}{res}    0.0000
{txt}Log pseudolikelihood ={col 24}{res}-275847.0735{txt}{col 51}Pseudo R2{col 67}={col 69}{res}    0.0785
{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}       words{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}pr_quint_5 {c |}{col 14}{res}{space 2} .0856419{col 26}{space 2} .0131562{col 37}{space 1}    6.51{col 46}{space 3}0.000{col 54}{space 4} .0598561{col 67}{space 3} .1114276
{txt}{space 2}pr_quint_1 {c |}{col 14}{res}{space 2}-.0760282{col 26}{space 2} .0126831{col 37}{space 1}   -5.99{col 46}{space 3}0.000{col 54}{space 4}-.1008867{col 67}{space 3}-.0511697
{txt}{space 8}size {c |}{col 14}{res}{space 2} .0164681{col 26}{space 2} .0035357{col 37}{space 1}    4.66{col 46}{space 3}0.000{col 54}{space 4} .0095383{col 67}{space 3} .0233979
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0023141{col 26}{space 2} .0026786{col 37}{space 1}    0.86{col 46}{space 3}0.388{col 54}{space 4}-.0029358{col 67}{space 3} .0075639
{txt}{space 9}roa {c |}{col 14}{res}{space 2}-.1275254{col 26}{space 2} .0400181{col 37}{space 1}   -3.19{col 46}{space 3}0.001{col 54}{space 4}-.2059594{col 67}{space 3}-.0490915
{txt}{space 10}io {c |}{col 14}{res}{space 2}-.0006554{col 26}{space 2} .0162064{col 37}{space 1}   -0.04{col 46}{space 3}0.968{col 54}{space 4}-.0324193{col 67}{space 3} .0311085
{txt}{space 8}cash {c |}{col 14}{res}{space 2} .0554916{col 26}{space 2} .0336936{col 37}{space 1}    1.65{col 46}{space 3}0.100{col 54}{space 4}-.0105467{col 67}{space 3} .1215298
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.0070783{col 26}{space 2} .0182609{col 37}{space 1}   -0.39{col 46}{space 3}0.698{col 54}{space 4}-.0428691{col 67}{space 3} .0287125
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2} .0142201{col 26}{space 2} .0140665{col 37}{space 1}    1.01{col 46}{space 3}0.312{col 54}{space 4}-.0133499{col 67}{space 3}   .04179
{txt}{space 9}tsr {c |}{col 14}{res}{space 2}-.0249605{col 26}{space 2} .0061853{col 37}{space 1}   -4.04{col 46}{space 3}0.000{col 54}{space 4}-.0370834{col 67}{space 3}-.0128376
{txt}{space 7}union {c |}{col 14}{res}{space 2} .0046266{col 26}{space 2} .0107497{col 37}{space 1}    0.43{col 46}{space 3}0.667{col 54}{space 4}-.0164425{col 67}{space 3} .0256957
{txt}{space 10}rd {c |}{col 14}{res}{space 2} .0135665{col 26}{space 2} .0734042{col 37}{space 1}    0.18{col 46}{space 3}0.853{col 54}{space 4} -.130303{col 67}{space 3} .1574361
{txt}{space 2}wage_theft {c |}{col 14}{res}{space 2} .0537218{col 26}{space 2} .0175003{col 37}{space 1}    3.07{col 46}{space 3}0.002{col 54}{space 4} .0194219{col 67}{space 3} .0880217
{txt}college_grad {c |}{col 14}{res}{space 2} .0039785{col 26}{space 2} .0011016{col 37}{space 1}    3.61{col 46}{space 3}0.000{col 54}{space 4} .0018195{col 67}{space 3} .0061376
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 5.710468{col 26}{space 2} .0383633{col 37}{space 1}  148.85{col 46}{space 3}0.000{col 54}{space 4} 5.635277{col 67}{space 3} 5.785659
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      196{col 27}{space 1}        0{col 39}{result}{space 1}      196{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est1{txt} stored)

{com}. 
. ****************
. *Spin words
. ****************
. eststo: xi: ppmlhdfe spin_num pr_quint_5 pr_quint_1 size mtb roa io cash lev salesg_w tsr union rd wage_theft college_grad, absorb(indyr) 
{res}{txt}(dropped 72 observations that are either {browse "http://scorreia.com/research/singletons.pdf":singletons} or {browse "http://scorreia.com/research/separation.pdf":separated} by a fixed effect)
{res}{txt}{col  0}Iteration 1:{txt}{col 16}deviance = {res}1.5833e+04 {col 39}{txt}eps = {res}.        {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -4.36  {txt}P   
{txt}{col  0}Iteration 2:{txt}{col 16}deviance = {res}1.4173e+04 {col 39}{txt}eps = {res}1.17e-01 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -4.66  {txt}    
{txt}{col  0}Iteration 3:{txt}{col 16}deviance = {res}1.4052e+04 {col 39}{txt}eps = {res}8.66e-03 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -4.75  {txt}    
{txt}{col  0}Iteration 4:{txt}{col 16}deviance = {res}1.4048e+04 {col 39}{txt}eps = {res}2.70e-04 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -4.77  {txt}    
{txt}{col  0}Iteration 5:{txt}{col 16}deviance = {res}1.4048e+04 {col 39}{txt}eps = {res}1.51e-05 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -4.77  {txt}    
{txt}{col  0}Iteration 6:{txt}{col 16}deviance = {res}1.4048e+04 {col 39}{txt}eps = {res}1.54e-07 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-05{col 82}{txt} min(eta) = {res} -4.77  {txt}    
{txt}{col  0}Iteration 7:{txt}{col 16}deviance = {res}1.4048e+04 {col 39}{txt}eps = {res}1.90e-11 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-06{col 82}{txt} min(eta) = {res} -4.77  {txt} S O
{txt}{hline 108}
{txt}(legend: {res}p{txt}: exact partial-out   {res}s{txt}: exact solver   {res}h{txt}: step-halving   {res}o{txt}: epsilon below tolerance)
{txt}Converged in 7 iterations and 7 HDFE sub-iterations (tol = 1.0e-08)
{res}{txt}
HDFE {help ppmlhdfe##description:PPML} regression{col 51}No. of obs{col 67}={col 69}{res}     8,560
{txt}Absorbing 1 HDFE group{col 51}Residual df{col 67}={col 69}{res}     8,365
{txt}{col 51}Wald chi2({res}14{txt}){col 67}={col 69}{res}    252.27
{txt}Deviance{col 22}={col 24}{res} 14047.72397{txt}{col 51}Prob > chi2{col 67}={col 69}{res}    0.0000
{txt}Log pseudolikelihood ={col 24}{res}-9174.855463{txt}{col 51}Pseudo R2{col 67}={col 69}{res}    0.0701
{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}    spin_num{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}pr_quint_5 {c |}{col 14}{res}{space 2} .4203393{col 26}{space 2}  .089944{col 37}{space 1}    4.67{col 46}{space 3}0.000{col 54}{space 4} .2440524{col 67}{space 3} .5966263
{txt}{space 2}pr_quint_1 {c |}{col 14}{res}{space 2}-.1228937{col 26}{space 2} .1039172{col 37}{space 1}   -1.18{col 46}{space 3}0.237{col 54}{space 4}-.3265677{col 67}{space 3} .0807803
{txt}{space 8}size {c |}{col 14}{res}{space 2} .1599127{col 26}{space 2} .0250705{col 37}{space 1}    6.38{col 46}{space 3}0.000{col 54}{space 4} .1107753{col 67}{space 3} .2090501
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0550441{col 26}{space 2} .0145353{col 37}{space 1}    3.79{col 46}{space 3}0.000{col 54}{space 4} .0265554{col 67}{space 3} .0835328
{txt}{space 9}roa {c |}{col 14}{res}{space 2} .5062873{col 26}{space 2}  .219205{col 37}{space 1}    2.31{col 46}{space 3}0.021{col 54}{space 4} .0766533{col 67}{space 3} .9359213
{txt}{space 10}io {c |}{col 14}{res}{space 2} .0524373{col 26}{space 2}  .046337{col 37}{space 1}    1.13{col 46}{space 3}0.258{col 54}{space 4}-.0383816{col 67}{space 3} .1432563
{txt}{space 8}cash {c |}{col 14}{res}{space 2} .6127291{col 26}{space 2} .2548624{col 37}{space 1}    2.40{col 46}{space 3}0.016{col 54}{space 4} .1132079{col 67}{space 3}  1.11225
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.3781316{col 26}{space 2} .1194205{col 37}{space 1}   -3.17{col 46}{space 3}0.002{col 54}{space 4}-.6121915{col 67}{space 3}-.1440717
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2}-.0190724{col 26}{space 2} .1163885{col 37}{space 1}   -0.16{col 46}{space 3}0.870{col 54}{space 4}-.2471897{col 67}{space 3} .2090448
{txt}{space 9}tsr {c |}{col 14}{res}{space 2}-.0021288{col 26}{space 2} .0248542{col 37}{space 1}   -0.09{col 46}{space 3}0.932{col 54}{space 4}-.0508421{col 67}{space 3} .0465846
{txt}{space 7}union {c |}{col 14}{res}{space 2}-.0191273{col 26}{space 2} .0865734{col 37}{space 1}   -0.22{col 46}{space 3}0.825{col 54}{space 4}-.1888082{col 67}{space 3} .1505535
{txt}{space 10}rd {c |}{col 14}{res}{space 2} .5027309{col 26}{space 2} .3486073{col 37}{space 1}    1.44{col 46}{space 3}0.149{col 54}{space 4}-.1805269{col 67}{space 3} 1.185989
{txt}{space 2}wage_theft {c |}{col 14}{res}{space 2} .2984038{col 26}{space 2} .1013687{col 37}{space 1}    2.94{col 46}{space 3}0.003{col 54}{space 4} .0997247{col 67}{space 3} .4970829
{txt}college_grad {c |}{col 14}{res}{space 2}-.0171098{col 26}{space 2} .0080096{col 37}{space 1}   -2.14{col 46}{space 3}0.033{col 54}{space 4}-.0328083{col 67}{space 3}-.0014113
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-1.867531{col 26}{space 2} .2468835{col 37}{space 1}   -7.56{col 46}{space 3}0.000{col 54}{space 4}-2.351414{col 67}{space 3}-1.383648
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      181{col 27}{space 1}        0{col 39}{result}{space 1}      181{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est2{txt} stored)

{com}. 
. ****************
. *Explain words
. ****************
. eststo: xi: ppmlhdfe explain_num pr_quint_5 pr_quint_1 size mtb roa io cash lev salesg_w tsr union rd wage_theft college_grad, absorb(indyr) 
{res}{txt}{col  0}Iteration 1:{txt}{col 16}deviance = {res}9.8582e+03 {col 39}{txt}eps = {res}.        {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -1.18  {txt}P   
{txt}{col  0}Iteration 2:{txt}{col 16}deviance = {res}9.7446e+03 {col 39}{txt}eps = {res}1.17e-02 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -1.63  {txt}    
{txt}{col  0}Iteration 3:{txt}{col 16}deviance = {res}9.7443e+03 {col 39}{txt}eps = {res}3.57e-05 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -1.76  {txt}    
{txt}{col  0}Iteration 4:{txt}{col 16}deviance = {res}9.7443e+03 {col 39}{txt}eps = {res}1.28e-08 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-05{col 82}{txt} min(eta) = {res} -1.77  {txt}    
{txt}{col  0}Iteration 5:{txt}{col 16}deviance = {res}9.7443e+03 {col 39}{txt}eps = {res}2.91e-13 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-06{col 82}{txt} min(eta) = {res} -1.77  {txt} S O
{txt}{hline 108}
{txt}(legend: {res}p{txt}: exact partial-out   {res}s{txt}: exact solver   {res}h{txt}: step-halving   {res}o{txt}: epsilon below tolerance)
{txt}Converged in 5 iterations and 5 HDFE sub-iterations (tol = 1.0e-08)
{res}{txt}
HDFE {help ppmlhdfe##description:PPML} regression{col 51}No. of obs{col 67}={col 69}{res}     8,632
{txt}Absorbing 1 HDFE group{col 51}Residual df{col 67}={col 69}{res}     8,422
{txt}{col 51}Wald chi2({res}14{txt}){col 67}={col 69}{res}    182.79
{txt}Deviance{col 22}={col 24}{res} 9744.254205{txt}{col 51}Prob > chi2{col 67}={col 69}{res}    0.0000
{txt}Log pseudolikelihood ={col 24}{res}-12027.51688{txt}{col 51}Pseudo R2{col 67}={col 69}{res}    0.0300
{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1} explain_num{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}pr_quint_5 {c |}{col 14}{res}{space 2} .1359821{col 26}{space 2} .0270842{col 37}{space 1}    5.02{col 46}{space 3}0.000{col 54}{space 4}  .082898{col 67}{space 3} .1890662
{txt}{space 2}pr_quint_1 {c |}{col 14}{res}{space 2}-.1114071{col 26}{space 2} .0305629{col 37}{space 1}   -3.65{col 46}{space 3}0.000{col 54}{space 4}-.1713093{col 67}{space 3}-.0515049
{txt}{space 8}size {c |}{col 14}{res}{space 2} .0034301{col 26}{space 2}  .007944{col 37}{space 1}    0.43{col 46}{space 3}0.666{col 54}{space 4}-.0121398{col 67}{space 3} .0190001
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0096845{col 26}{space 2} .0055878{col 37}{space 1}    1.73{col 46}{space 3}0.083{col 54}{space 4}-.0012675{col 67}{space 3} .0206364
{txt}{space 9}roa {c |}{col 14}{res}{space 2}-.1747104{col 26}{space 2} .0661639{col 37}{space 1}   -2.64{col 46}{space 3}0.008{col 54}{space 4}-.3043892{col 67}{space 3}-.0450316
{txt}{space 10}io {c |}{col 14}{res}{space 2}  .002927{col 26}{space 2} .0317314{col 37}{space 1}    0.09{col 46}{space 3}0.927{col 54}{space 4}-.0592654{col 67}{space 3} .0651193
{txt}{space 8}cash {c |}{col 14}{res}{space 2} .1332776{col 26}{space 2} .0743733{col 37}{space 1}    1.79{col 46}{space 3}0.073{col 54}{space 4}-.0124914{col 67}{space 3} .2790465
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.0629437{col 26}{space 2} .0405566{col 37}{space 1}   -1.55{col 46}{space 3}0.121{col 54}{space 4}-.1424333{col 67}{space 3} .0165458
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2} .1146894{col 26}{space 2} .0300192{col 37}{space 1}    3.82{col 46}{space 3}0.000{col 54}{space 4} .0558529{col 67}{space 3}  .173526
{txt}{space 9}tsr {c |}{col 14}{res}{space 2}-.0429499{col 26}{space 2} .0159023{col 37}{space 1}   -2.70{col 46}{space 3}0.007{col 54}{space 4}-.0741179{col 67}{space 3}-.0117818
{txt}{space 7}union {c |}{col 14}{res}{space 2} .0419991{col 26}{space 2} .0238219{col 37}{space 1}    1.76{col 46}{space 3}0.078{col 54}{space 4}-.0046909{col 67}{space 3} .0886891
{txt}{space 10}rd {c |}{col 14}{res}{space 2} .1966481{col 26}{space 2} .1606528{col 37}{space 1}    1.22{col 46}{space 3}0.221{col 54}{space 4}-.1182257{col 67}{space 3} .5115219
{txt}{space 2}wage_theft {c |}{col 14}{res}{space 2} .1606265{col 26}{space 2} .0356764{col 37}{space 1}    4.50{col 46}{space 3}0.000{col 54}{space 4} .0907021{col 67}{space 3}  .230551
{txt}college_grad {c |}{col 14}{res}{space 2} .0170492{col 26}{space 2} .0024968{col 37}{space 1}    6.83{col 46}{space 3}0.000{col 54}{space 4} .0121555{col 67}{space 3} .0219429
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-.2578451{col 26}{space 2} .0880014{col 37}{space 1}   -2.93{col 46}{space 3}0.003{col 54}{space 4}-.4303246{col 67}{space 3}-.0853655
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      196{col 27}{space 1}        0{col 39}{result}{space 1}      196{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est3{txt} stored)

{com}. 
. ****************
. *Suppl ratios
. ****************
. eststo: xi: ppmlhdfe suppl_num pr_quint_5 pr_quint_1 size mtb roa io cash lev salesg_w tsr union rd wage_theft college_grad, absorb(indyr) 
{res}{txt}(dropped 306 observations that are either {browse "http://scorreia.com/research/singletons.pdf":singletons} or {browse "http://scorreia.com/research/separation.pdf":separated} by a fixed effect)
{res}{txt}{col  0}Iteration 1:{txt}{col 16}deviance = {res}3.9103e+03 {col 39}{txt}eps = {res}.        {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -8.08  {txt}P   
{txt}{col  0}Iteration 2:{txt}{col 16}deviance = {res}3.4373e+03 {col 39}{txt}eps = {res}1.38e-01 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-10.32  {txt}    
{txt}{col  0}Iteration 3:{txt}{col 16}deviance = {res}3.3991e+03 {col 39}{txt}eps = {res}1.12e-02 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-11.92  {txt}    
{txt}{col  0}Iteration 4:{txt}{col 16}deviance = {res}3.3984e+03 {col 39}{txt}eps = {res}2.01e-04 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-12.23  {txt}    
{txt}{col  0}Iteration 5:{txt}{col 16}deviance = {res}3.3984e+03 {col 39}{txt}eps = {res}4.08e-07 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-12.23  {txt}    
{txt}{col  0}Iteration 6:{txt}{col 16}deviance = {res}3.3984e+03 {col 39}{txt}eps = {res}1.53e-11 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-05{col 82}{txt} min(eta) = {res}-12.23  {txt} S O
{txt}{hline 108}
{txt}(legend: {res}p{txt}: exact partial-out   {res}s{txt}: exact solver   {res}h{txt}: step-halving   {res}o{txt}: epsilon below tolerance)
{txt}Converged in 6 iterations and 6 HDFE sub-iterations (tol = 1.0e-08)
{res}{txt}
HDFE {help ppmlhdfe##description:PPML} regression{col 51}No. of obs{col 67}={col 69}{res}     8,326
{txt}Absorbing 1 HDFE group{col 51}Residual df{col 67}={col 69}{res}     8,156
{txt}{col 51}Wald chi2({res}14{txt}){col 67}={col 69}{res}    393.47
{txt}Deviance{col 22}={col 24}{res} 3398.430857{txt}{col 51}Prob > chi2{col 67}={col 69}{res}    0.0000
{txt}Log pseudolikelihood ={col 24}{res}-2546.651183{txt}{col 51}Pseudo R2{col 67}={col 69}{res}    0.1039
{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}   suppl_num{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}pr_quint_5 {c |}{col 14}{res}{space 2} 1.372818{col 26}{space 2} .0848108{col 37}{space 1}   16.19{col 46}{space 3}0.000{col 54}{space 4} 1.206592{col 67}{space 3} 1.539044
{txt}{space 2}pr_quint_1 {c |}{col 14}{res}{space 2}-.8455664{col 26}{space 2} .1501705{col 37}{space 1}   -5.63{col 46}{space 3}0.000{col 54}{space 4}-1.139895{col 67}{space 3}-.5512377
{txt}{space 8}size {c |}{col 14}{res}{space 2}-.1306707{col 26}{space 2} .0263952{col 37}{space 1}   -4.95{col 46}{space 3}0.000{col 54}{space 4}-.1824044{col 67}{space 3} -.078937
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0012203{col 26}{space 2} .0230884{col 37}{space 1}    0.05{col 46}{space 3}0.958{col 54}{space 4}-.0440321{col 67}{space 3} .0464728
{txt}{space 9}roa {c |}{col 14}{res}{space 2} .5340204{col 26}{space 2} .3021551{col 37}{space 1}    1.77{col 46}{space 3}0.077{col 54}{space 4}-.0581928{col 67}{space 3} 1.126234
{txt}{space 10}io {c |}{col 14}{res}{space 2}-.0233798{col 26}{space 2} .0585285{col 37}{space 1}   -0.40{col 46}{space 3}0.690{col 54}{space 4}-.1380935{col 67}{space 3} .0913338
{txt}{space 8}cash {c |}{col 14}{res}{space 2} .4081577{col 26}{space 2} .2571022{col 37}{space 1}    1.59{col 46}{space 3}0.112{col 54}{space 4}-.0957533{col 67}{space 3} .9120687
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.2559199{col 26}{space 2} .1405192{col 37}{space 1}   -1.82{col 46}{space 3}0.069{col 54}{space 4}-.5313325{col 67}{space 3} .0194926
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2} .0602997{col 26}{space 2} .1527621{col 37}{space 1}    0.39{col 46}{space 3}0.693{col 54}{space 4}-.2391085{col 67}{space 3} .3597079
{txt}{space 9}tsr {c |}{col 14}{res}{space 2} -.279612{col 26}{space 2} .0980205{col 37}{space 1}   -2.85{col 46}{space 3}0.004{col 54}{space 4}-.4717286{col 67}{space 3}-.0874954
{txt}{space 7}union {c |}{col 14}{res}{space 2}-.0088172{col 26}{space 2} .0752119{col 37}{space 1}   -0.12{col 46}{space 3}0.907{col 54}{space 4}-.1562298{col 67}{space 3} .1385955
{txt}{space 10}rd {c |}{col 14}{res}{space 2} -.510149{col 26}{space 2} .7612579{col 37}{space 1}   -0.67{col 46}{space 3}0.503{col 54}{space 4}-2.002187{col 67}{space 3} .9818891
{txt}{space 2}wage_theft {c |}{col 14}{res}{space 2} .1025137{col 26}{space 2} .1088538{col 37}{space 1}    0.94{col 46}{space 3}0.346{col 54}{space 4}-.1108359{col 67}{space 3} .3158632
{txt}college_grad {c |}{col 14}{res}{space 2} .0276667{col 26}{space 2} .0078696{col 37}{space 1}    3.52{col 46}{space 3}0.000{col 54}{space 4} .0122427{col 67}{space 3} .0430908
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-2.028724{col 26}{space 2} .2911799{col 37}{space 1}   -6.97{col 46}{space 3}0.000{col 54}{space 4}-2.599426{col 67}{space 3}-1.458022
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      156{col 27}{space 1}        0{col 39}{result}{space 1}      156{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est4{txt} stored)

{com}. 
. ****************
. *Tout words
. ****************
. eststo: xi: ppmlhdfe tout_num pr_quint_5 pr_quint_1 size mtb roa io cash lev salesg_w tsr union rd wage_theft college_grad, absorb(indyr) 
{res}{txt}(dropped 909 observations that are either {browse "http://scorreia.com/research/singletons.pdf":singletons} or {browse "http://scorreia.com/research/separation.pdf":separated} by a fixed effect)
{res}{txt}{col  0}Iteration 1:{txt}{col 16}deviance = {res}4.5617e+03 {col 39}{txt}eps = {res}.        {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -8.81  {txt}P   
{txt}{col  0}Iteration 2:{txt}{col 16}deviance = {res}3.7859e+03 {col 39}{txt}eps = {res}2.05e-01 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-10.86  {txt}    
{txt}{col  0}Iteration 3:{txt}{col 16}deviance = {res}3.6935e+03 {col 39}{txt}eps = {res}2.50e-02 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-12.62  {txt}    
{txt}{col  0}Iteration 4:{txt}{col 16}deviance = {res}3.6903e+03 {col 39}{txt}eps = {res}8.85e-04 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-13.13  {txt}    
{txt}{col  0}Iteration 5:{txt}{col 16}deviance = {res}3.6902e+03 {col 39}{txt}eps = {res}4.55e-06 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-13.14  {txt}    
{txt}{col  0}Iteration 6:{txt}{col 16}deviance = {res}3.6902e+03 {col 39}{txt}eps = {res}1.28e-09 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-05{col 82}{txt} min(eta) = {res}-13.14  {txt} S O
{txt}{hline 108}
{txt}(legend: {res}p{txt}: exact partial-out   {res}s{txt}: exact solver   {res}h{txt}: step-halving   {res}o{txt}: epsilon below tolerance)
{txt}Converged in 6 iterations and 6 HDFE sub-iterations (tol = 1.0e-08)
{res}{txt}
HDFE {help ppmlhdfe##description:PPML} regression{col 51}No. of obs{col 67}={col 69}{res}     7,723
{txt}Absorbing 1 HDFE group{col 51}Residual df{col 67}={col 69}{res}     7,580
{txt}{col 51}Wald chi2({res}14{txt}){col 67}={col 69}{res}    103.51
{txt}Deviance{col 22}={col 24}{res} 3690.240922{txt}{col 51}Prob > chi2{col 67}={col 69}{res}    0.0000
{txt}Log pseudolikelihood ={col 24}{res}-2427.776051{txt}{col 51}Pseudo R2{col 67}={col 69}{res}    0.0779
{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}    tout_num{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}pr_quint_5 {c |}{col 14}{res}{space 2}-.6332886{col 26}{space 2} .1838482{col 37}{space 1}   -3.44{col 46}{space 3}0.001{col 54}{space 4}-.9936245{col 67}{space 3}-.2729527
{txt}{space 2}pr_quint_1 {c |}{col 14}{res}{space 2} .3775841{col 26}{space 2} .1135462{col 37}{space 1}    3.33{col 46}{space 3}0.001{col 54}{space 4} .1550377{col 67}{space 3} .6001306
{txt}{space 8}size {c |}{col 14}{res}{space 2}-.0397568{col 26}{space 2} .0374707{col 37}{space 1}   -1.06{col 46}{space 3}0.289{col 54}{space 4} -.113198{col 67}{space 3} .0336844
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0596547{col 26}{space 2} .0236477{col 37}{space 1}    2.52{col 46}{space 3}0.012{col 54}{space 4} .0133061{col 67}{space 3} .1060034
{txt}{space 9}roa {c |}{col 14}{res}{space 2}-.4626939{col 26}{space 2} .2386978{col 37}{space 1}   -1.94{col 46}{space 3}0.053{col 54}{space 4}-.9305331{col 67}{space 3} .0051453
{txt}{space 10}io {c |}{col 14}{res}{space 2}-.5225934{col 26}{space 2} .2155058{col 37}{space 1}   -2.42{col 46}{space 3}0.015{col 54}{space 4} -.944977{col 67}{space 3}-.1002097
{txt}{space 8}cash {c |}{col 14}{res}{space 2}-.7840118{col 26}{space 2} .3843178{col 37}{space 1}   -2.04{col 46}{space 3}0.041{col 54}{space 4}-1.537261{col 67}{space 3}-.0307628
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.4574554{col 26}{space 2} .2456395{col 37}{space 1}   -1.86{col 46}{space 3}0.063{col 54}{space 4}-.9388999{col 67}{space 3} .0239892
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2}-.0235852{col 26}{space 2} .1387431{col 37}{space 1}   -0.17{col 46}{space 3}0.865{col 54}{space 4}-.2955167{col 67}{space 3} .2483464
{txt}{space 9}tsr {c |}{col 14}{res}{space 2}  .023678{col 26}{space 2} .0337599{col 37}{space 1}    0.70{col 46}{space 3}0.483{col 54}{space 4}-.0424901{col 67}{space 3} .0898462
{txt}{space 7}union {c |}{col 14}{res}{space 2}-.0723279{col 26}{space 2} .1169912{col 37}{space 1}   -0.62{col 46}{space 3}0.536{col 54}{space 4}-.3016265{col 67}{space 3} .1569707
{txt}{space 10}rd {c |}{col 14}{res}{space 2}-.6903955{col 26}{space 2} .6926709{col 37}{space 1}   -1.00{col 46}{space 3}0.319{col 54}{space 4}-2.048005{col 67}{space 3} .6672145
{txt}{space 2}wage_theft {c |}{col 14}{res}{space 2} .0870679{col 26}{space 2} .2132788{col 37}{space 1}    0.41{col 46}{space 3}0.683{col 54}{space 4}-.3309509{col 67}{space 3} .5050867
{txt}college_grad {c |}{col 14}{res}{space 2}-.0420702{col 26}{space 2}  .012347{col 37}{space 1}   -3.41{col 46}{space 3}0.001{col 54}{space 4}  -.06627{col 67}{space 3}-.0178705
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-.2837161{col 26}{space 2} .4080035{col 37}{space 1}   -0.70{col 46}{space 3}0.487{col 54}{space 4}-1.083388{col 67}{space 3} .5159561
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      129{col 27}{space 1}        0{col 39}{result}{space 1}      129{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est5{txt} stored)

{com}. 
. esttab using "Output/Tables/RF/T5_firm_determinants.csv", b(3) pr2 varwidth(25) title("Determinants Regressions") order(pr_quint_5 pr_quint_1 union college_grad wage_theft tsr mtb roa io cash lev salesg_w tsr rd) star(* 0.10 ** 0.05  *** 0.01 ) drop(_cons) replace
{res}{txt}(output written to {browse  `"Output/Tables/RF/T5_firm_determinants.csv"'})

{com}. 
{txt}end of do-file

{com}. 
. // -------------------------------- Table 6: Firm Response and Employee Outcomes
. do Code/produce_table6
{txt}
{com}. 
. ************************************************************************************************************
. **#                                                     TABLE 6 - FIRM RESPONSE AND EMPLOYEE OUTCOMES
. ************************************************************************************************************
. 
. capture cd "C:\Users\austin.starkweather\Dropbox\Research\CEO Pay Ratio\Analysis"
{txt}
{com}. capture cd "/Users/joshw/Dropbox/CEO Pay Ratio/Analysis/"
{txt}
{com}. use "Data/Temp/dataset_main.dta", clear
{txt}
{com}. 
. ******************************
. *Panel A: Change in Pay Rating
. ******************************
. est clear
{txt}
{com}. eststo: reghdfe gd_pay_diff_365 pr_quint_5 pr_quint_1 ln_words gd_pay_pre_365 size mtb roa io cash lev salesg_w tsr union rd, absorb(indyr)        
{res}{txt}(dropped 1 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     7,455
{txt}Absorbing 1 HDFE group{col 51}F({res}  14{txt},{res}   7246{txt}){col 67}= {res}    270.36
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.3637
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3455
{txt}{col 51}Within R-sq.{col 67}= {res}    0.3431
{txt}{col 51}Root MSE{col 67}= {res}    0.5168

{txt}{hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_pay_dif~365{col 16}{c |}      Coef.{col 28}   Std. Err.{col 40}      t{col 48}   P>|t|{col 56}     [95% Con{col 69}f. Interval]
{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}pr_quint_5 {c |}{col 16}{res}{space 2}-.0794459{col 28}{space 2} .0176704{col 39}{space 1}   -4.50{col 48}{space 3}0.000{col 56}{space 4} -.114085{col 69}{space 3}-.0448068
{txt}{space 4}pr_quint_1 {c |}{col 16}{res}{space 2} .0523663{col 28}{space 2} .0193509{col 39}{space 1}    2.71{col 48}{space 3}0.007{col 56}{space 4} .0144328{col 69}{space 3} .0902997
{txt}{space 6}ln_words {c |}{col 16}{res}{space 2}-.0009853{col 28}{space 2} .0149059{col 39}{space 1}   -0.07{col 48}{space 3}0.947{col 56}{space 4}-.0302052{col 69}{space 3} .0282345
{txt}gd_pay_pre_365 {c |}{col 16}{res}{space 2}-.6466912{col 28}{space 2} .0105502{col 39}{space 1}  -61.30{col 48}{space 3}0.000{col 56}{space 4}-.6673727{col 69}{space 3}-.6260097
{txt}{space 10}size {c |}{col 16}{res}{space 2} .0645869{col 28}{space 2} .0050061{col 39}{space 1}   12.90{col 48}{space 3}0.000{col 56}{space 4} .0547735{col 69}{space 3} .0744003
{txt}{space 11}mtb {c |}{col 16}{res}{space 2} .0145893{col 28}{space 2} .0042533{col 39}{space 1}    3.43{col 48}{space 3}0.001{col 56}{space 4} .0062516{col 69}{space 3} .0229271
{txt}{space 11}roa {c |}{col 16}{res}{space 2} .1148461{col 28}{space 2} .0668582{col 39}{space 1}    1.72{col 48}{space 3}0.086{col 56}{space 4}-.0162153{col 69}{space 3} .2459076
{txt}{space 12}io {c |}{col 16}{res}{space 2} .0424933{col 28}{space 2} .0180505{col 39}{space 1}    2.35{col 48}{space 3}0.019{col 56}{space 4}  .007109{col 69}{space 3} .0778776
{txt}{space 10}cash {c |}{col 16}{res}{space 2} .1234186{col 28}{space 2} .0502833{col 39}{space 1}    2.45{col 48}{space 3}0.014{col 56}{space 4} .0248487{col 69}{space 3} .2219885
{txt}{space 11}lev {c |}{col 16}{res}{space 2}-.0386448{col 28}{space 2} .0271954{col 39}{space 1}   -1.42{col 48}{space 3}0.155{col 56}{space 4}-.0919558{col 69}{space 3} .0146662
{txt}{space 6}salesg_w {c |}{col 16}{res}{space 2} .0891167{col 28}{space 2} .0233923{col 39}{space 1}    3.81{col 48}{space 3}0.000{col 56}{space 4} .0432609{col 69}{space 3} .1349725
{txt}{space 11}tsr {c |}{col 16}{res}{space 2} .0268444{col 28}{space 2} .0111205{col 39}{space 1}    2.41{col 48}{space 3}0.016{col 56}{space 4}  .005045{col 69}{space 3} .0486438
{txt}{space 9}union {c |}{col 16}{res}{space 2}-.0146629{col 28}{space 2} .0151833{col 39}{space 1}   -0.97{col 48}{space 3}0.334{col 56}{space 4}-.0444266{col 69}{space 3} .0151009
{txt}{space 12}rd {c |}{col 16}{res}{space 2} .6390138{col 28}{space 2} .1315326{col 39}{space 1}    4.86{col 48}{space 3}0.000{col 56}{space 4} .3811715{col 69}{space 3}  .896856
{txt}{space 9}_cons {c |}{col 16}{res}{space 2}  1.65455{col 28}{space 2} .1004486{col 39}{space 1}   16.47{col 48}{space 3}0.000{col 56}{space 4} 1.457642{col 69}{space 3} 1.851459
{txt}{hline 15}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      195{col 27}{space 1}        0{col 39}{result}{space 1}      195{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est1{txt} stored)

{com}. eststo: reghdfe gd_pay_diff_365 pr_quint_5 pr_quint_1 spin_num gd_pay_pre_365 size mtb roa io cash lev salesg_w tsr union rd, absorb(indyr)
{res}{txt}(dropped 1 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     7,455
{txt}Absorbing 1 HDFE group{col 51}F({res}  14{txt},{res}   7246{txt}){col 67}= {res}    270.50
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.3639
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3456
{txt}{col 51}Within R-sq.{col 67}= {res}    0.3432
{txt}{col 51}Root MSE{col 67}= {res}    0.5167

{txt}{hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_pay_dif~365{col 16}{c |}      Coef.{col 28}   Std. Err.{col 40}      t{col 48}   P>|t|{col 56}     [95% Con{col 69}f. Interval]
{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}pr_quint_5 {c |}{col 16}{res}{space 2}-.0808044{col 28}{space 2} .0176624{col 39}{space 1}   -4.57{col 48}{space 3}0.000{col 56}{space 4}-.1154279{col 69}{space 3}-.0461808
{txt}{space 4}pr_quint_1 {c |}{col 16}{res}{space 2} .0525247{col 28}{space 2} .0193225{col 39}{space 1}    2.72{col 48}{space 3}0.007{col 56}{space 4}  .014647{col 69}{space 3} .0904024
{txt}{space 6}spin_num {c |}{col 16}{res}{space 2} .0049148{col 28}{space 2} .0042015{col 39}{space 1}    1.17{col 48}{space 3}0.242{col 56}{space 4}-.0033214{col 69}{space 3}  .013151
{txt}gd_pay_pre_365 {c |}{col 16}{res}{space 2}-.6468593{col 28}{space 2} .0105497{col 39}{space 1}  -61.32{col 48}{space 3}0.000{col 56}{space 4}-.6675399{col 69}{space 3}-.6261788
{txt}{space 10}size {c |}{col 16}{res}{space 2} .0641279{col 28}{space 2}  .005011{col 39}{space 1}   12.80{col 48}{space 3}0.000{col 56}{space 4}  .054305{col 69}{space 3} .0739509
{txt}{space 11}mtb {c |}{col 16}{res}{space 2} .0144454{col 28}{space 2} .0042543{col 39}{space 1}    3.40{col 48}{space 3}0.001{col 56}{space 4} .0061056{col 69}{space 3} .0227852
{txt}{space 11}roa {c |}{col 16}{res}{space 2} .1130492{col 28}{space 2} .0668426{col 39}{space 1}    1.69{col 48}{space 3}0.091{col 56}{space 4}-.0179817{col 69}{space 3} .2440801
{txt}{space 12}io {c |}{col 16}{res}{space 2} .0424717{col 28}{space 2} .0180464{col 39}{space 1}    2.35{col 48}{space 3}0.019{col 56}{space 4} .0070954{col 69}{space 3} .0778479
{txt}{space 10}cash {c |}{col 16}{res}{space 2} .1220241{col 28}{space 2}  .050273{col 39}{space 1}    2.43{col 48}{space 3}0.015{col 56}{space 4} .0234743{col 69}{space 3} .2205739
{txt}{space 11}lev {c |}{col 16}{res}{space 2}-.0377586{col 28}{space 2} .0272032{col 39}{space 1}   -1.39{col 48}{space 3}0.165{col 56}{space 4}-.0910849{col 69}{space 3} .0155677
{txt}{space 6}salesg_w {c |}{col 16}{res}{space 2}  .089224{col 28}{space 2} .0233886{col 39}{space 1}    3.81{col 48}{space 3}0.000{col 56}{space 4} .0433754{col 69}{space 3} .1350726
{txt}{space 11}tsr {c |}{col 16}{res}{space 2} .0267807{col 28}{space 2}  .011113{col 39}{space 1}    2.41{col 48}{space 3}0.016{col 56}{space 4} .0049959{col 69}{space 3} .0485654
{txt}{space 9}union {c |}{col 16}{res}{space 2}-.0145676{col 28}{space 2} .0151817{col 39}{space 1}   -0.96{col 48}{space 3}0.337{col 56}{space 4}-.0443281{col 69}{space 3} .0151929
{txt}{space 12}rd {c |}{col 16}{res}{space 2} .6357382{col 28}{space 2} .1314697{col 39}{space 1}    4.84{col 48}{space 3}0.000{col 56}{space 4} .3780193{col 69}{space 3}  .893457
{txt}{space 9}_cons {c |}{col 16}{res}{space 2} 1.651272{col 28}{space 2} .0529279{col 39}{space 1}   31.20{col 48}{space 3}0.000{col 56}{space 4} 1.547517{col 69}{space 3} 1.755026
{txt}{hline 15}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      195{col 27}{space 1}        0{col 39}{result}{space 1}      195{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est2{txt} stored)

{com}. eststo: reghdfe gd_pay_diff_365 pr_quint_5 pr_quint_1 explain_num gd_pay_pre_365 size mtb roa io cash lev salesg_w tsr union rd, absorb(indyr)
{res}{txt}(dropped 1 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     7,455
{txt}Absorbing 1 HDFE group{col 51}F({res}  14{txt},{res}   7246{txt}){col 67}= {res}    270.71
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.3640
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3458
{txt}{col 51}Within R-sq.{col 67}= {res}    0.3434
{txt}{col 51}Root MSE{col 67}= {res}    0.5167

{txt}{hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_pay_dif~365{col 16}{c |}      Coef.{col 28}   Std. Err.{col 40}      t{col 48}   P>|t|{col 56}     [95% Con{col 69}f. Interval]
{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}pr_quint_5 {c |}{col 16}{res}{space 2}-.0814605{col 28}{space 2} .0176589{col 39}{space 1}   -4.61{col 48}{space 3}0.000{col 56}{space 4} -.116077{col 69}{space 3} -.046844
{txt}{space 4}pr_quint_1 {c |}{col 16}{res}{space 2} .0532877{col 28}{space 2} .0193256{col 39}{space 1}    2.76{col 48}{space 3}0.006{col 56}{space 4} .0154039{col 69}{space 3} .0911715
{txt}{space 3}explain_num {c |}{col 16}{res}{space 2}  .009954{col 28}{space 2} .0055161{col 39}{space 1}    1.80{col 48}{space 3}0.071{col 56}{space 4}-.0008592{col 69}{space 3} .0207672
{txt}gd_pay_pre_365 {c |}{col 16}{res}{space 2}-.6466109{col 28}{space 2} .0105474{col 39}{space 1}  -61.31{col 48}{space 3}0.000{col 56}{space 4}-.6672868{col 69}{space 3} -.625935
{txt}{space 10}size {c |}{col 16}{res}{space 2}  .064404{col 28}{space 2}  .004997{col 39}{space 1}   12.89{col 48}{space 3}0.000{col 56}{space 4} .0546083{col 69}{space 3} .0741996
{txt}{space 11}mtb {c |}{col 16}{res}{space 2} .0143738{col 28}{space 2} .0042537{col 39}{space 1}    3.38{col 48}{space 3}0.001{col 56}{space 4} .0060352{col 69}{space 3} .0227123
{txt}{space 11}roa {c |}{col 16}{res}{space 2} .1170811{col 28}{space 2} .0668237{col 39}{space 1}    1.75{col 48}{space 3}0.080{col 56}{space 4}-.0139128{col 69}{space 3} .2480751
{txt}{space 12}io {c |}{col 16}{res}{space 2} .0428619{col 28}{space 2} .0180451{col 39}{space 1}    2.38{col 48}{space 3}0.018{col 56}{space 4} .0074883{col 69}{space 3} .0782355
{txt}{space 10}cash {c |}{col 16}{res}{space 2} .1207024{col 28}{space 2} .0502752{col 39}{space 1}    2.40{col 48}{space 3}0.016{col 56}{space 4} .0221484{col 69}{space 3} .2192564
{txt}{space 11}lev {c |}{col 16}{res}{space 2}-.0376785{col 28}{space 2} .0271945{col 39}{space 1}   -1.39{col 48}{space 3}0.166{col 56}{space 4}-.0909876{col 69}{space 3} .0156306
{txt}{space 6}salesg_w {c |}{col 16}{res}{space 2} .0877734{col 28}{space 2} .0233969{col 39}{space 1}    3.75{col 48}{space 3}0.000{col 56}{space 4} .0419087{col 69}{space 3} .1336381
{txt}{space 11}tsr {c |}{col 16}{res}{space 2} .0272616{col 28}{space 2} .0111134{col 39}{space 1}    2.45{col 48}{space 3}0.014{col 56}{space 4} .0054761{col 69}{space 3} .0490472
{txt}{space 9}union {c |}{col 16}{res}{space 2}-.0151133{col 28}{space 2} .0151814{col 39}{space 1}   -1.00{col 48}{space 3}0.320{col 56}{space 4}-.0448733{col 69}{space 3} .0146466
{txt}{space 12}rd {c |}{col 16}{res}{space 2} .6278604{col 28}{space 2} .1315655{col 39}{space 1}    4.77{col 48}{space 3}0.000{col 56}{space 4} .3699536{col 69}{space 3} .8857672
{txt}{space 9}_cons {c |}{col 16}{res}{space 2} 1.638226{col 28}{space 2} .0532125{col 39}{space 1}   30.79{col 48}{space 3}0.000{col 56}{space 4} 1.533914{col 69}{space 3} 1.742538
{txt}{hline 15}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      195{col 27}{space 1}        0{col 39}{result}{space 1}      195{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est3{txt} stored)

{com}. eststo: reghdfe gd_pay_diff_365 pr_quint_5 pr_quint_1 suppl_num gd_pay_pre_365 size mtb roa io cash lev salesg_w tsr union rd, absorb(indyr)
{res}{txt}(dropped 1 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     7,455
{txt}Absorbing 1 HDFE group{col 51}F({res}  14{txt},{res}   7246{txt}){col 67}= {res}    270.37
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.3637
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3455
{txt}{col 51}Within R-sq.{col 67}= {res}    0.3431
{txt}{col 51}Root MSE{col 67}= {res}    0.5168

{txt}{hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_pay_dif~365{col 16}{c |}      Coef.{col 28}   Std. Err.{col 40}      t{col 48}   P>|t|{col 56}     [95% Con{col 69}f. Interval]
{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}pr_quint_5 {c |}{col 16}{res}{space 2}-.0783381{col 28}{space 2} .0179854{col 39}{space 1}   -4.36{col 48}{space 3}0.000{col 56}{space 4}-.1135948{col 69}{space 3}-.0430815
{txt}{space 4}pr_quint_1 {c |}{col 16}{res}{space 2}  .052135{col 28}{space 2} .0193447{col 39}{space 1}    2.70{col 48}{space 3}0.007{col 56}{space 4} .0142138{col 69}{space 3} .0900563
{txt}{space 5}suppl_num {c |}{col 16}{res}{space 2}-.0065727{col 28}{space 2} .0197072{col 39}{space 1}   -0.33{col 48}{space 3}0.739{col 56}{space 4}-.0452046{col 69}{space 3} .0320592
{txt}gd_pay_pre_365 {c |}{col 16}{res}{space 2}-.6467168{col 28}{space 2}   .01055{col 39}{space 1}  -61.30{col 48}{space 3}0.000{col 56}{space 4}-.6673979{col 69}{space 3}-.6260357
{txt}{space 10}size {c |}{col 16}{res}{space 2} .0644681{col 28}{space 2} .0050061{col 39}{space 1}   12.88{col 48}{space 3}0.000{col 56}{space 4} .0546546{col 69}{space 3} .0742816
{txt}{space 11}mtb {c |}{col 16}{res}{space 2} .0145788{col 28}{space 2} .0042531{col 39}{space 1}    3.43{col 48}{space 3}0.001{col 56}{space 4} .0062415{col 69}{space 3}  .022916
{txt}{space 11}roa {c |}{col 16}{res}{space 2}   .11541{col 28}{space 2} .0668406{col 39}{space 1}    1.73{col 48}{space 3}0.084{col 56}{space 4} -.015617{col 69}{space 3}  .246437
{txt}{space 12}io {c |}{col 16}{res}{space 2} .0424786{col 28}{space 2} .0180483{col 39}{space 1}    2.35{col 48}{space 3}0.019{col 56}{space 4} .0070988{col 69}{space 3} .0778585
{txt}{space 10}cash {c |}{col 16}{res}{space 2} .1238444{col 28}{space 2} .0502887{col 39}{space 1}    2.46{col 48}{space 3}0.014{col 56}{space 4}  .025264{col 69}{space 3} .2224249
{txt}{space 11}lev {c |}{col 16}{res}{space 2} -.038732{col 28}{space 2} .0271965{col 39}{space 1}   -1.42{col 48}{space 3}0.154{col 56}{space 4}-.0920451{col 69}{space 3} .0145812
{txt}{space 6}salesg_w {c |}{col 16}{res}{space 2} .0890982{col 28}{space 2} .0233904{col 39}{space 1}    3.81{col 48}{space 3}0.000{col 56}{space 4} .0432462{col 69}{space 3} .1349503
{txt}{space 11}tsr {c |}{col 16}{res}{space 2} .0267699{col 28}{space 2} .0111177{col 39}{space 1}    2.41{col 48}{space 3}0.016{col 56}{space 4} .0049759{col 69}{space 3}  .048564
{txt}{space 9}union {c |}{col 16}{res}{space 2}-.0146555{col 28}{space 2} .0151828{col 39}{space 1}   -0.97{col 48}{space 3}0.334{col 56}{space 4}-.0444182{col 69}{space 3} .0151071
{txt}{space 12}rd {c |}{col 16}{res}{space 2} .6387337{col 28}{space 2} .1314564{col 39}{space 1}    4.86{col 48}{space 3}0.000{col 56}{space 4} .3810409{col 69}{space 3} .8964264
{txt}{space 9}_cons {c |}{col 16}{res}{space 2} 1.650301{col 28}{space 2} .0530591{col 39}{space 1}   31.10{col 48}{space 3}0.000{col 56}{space 4}  1.54629{col 69}{space 3} 1.754312
{txt}{hline 15}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      195{col 27}{space 1}        0{col 39}{result}{space 1}      195{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est4{txt} stored)

{com}. eststo: reghdfe gd_pay_diff_365 pr_quint_5 pr_quint_1 tout_num gd_pay_pre_365 size mtb roa io cash lev salesg_w tsr union rd, absorb(indyr)
{res}{txt}(dropped 1 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     7,455
{txt}Absorbing 1 HDFE group{col 51}F({res}  14{txt},{res}   7246{txt}){col 67}= {res}    270.37
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.3637
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3455
{txt}{col 51}Within R-sq.{col 67}= {res}    0.3431
{txt}{col 51}Root MSE{col 67}= {res}    0.5168

{txt}{hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_pay_dif~365{col 16}{c |}      Coef.{col 28}   Std. Err.{col 40}      t{col 48}   P>|t|{col 56}     [95% Con{col 69}f. Interval]
{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}pr_quint_5 {c |}{col 16}{res}{space 2}-.0794016{col 28}{space 2} .0176334{col 39}{space 1}   -4.50{col 48}{space 3}0.000{col 56}{space 4}-.1139682{col 69}{space 3}-.0448349
{txt}{space 4}pr_quint_1 {c |}{col 16}{res}{space 2}  .052261{col 28}{space 2} .0193301{col 39}{space 1}    2.70{col 48}{space 3}0.007{col 56}{space 4} .0143685{col 69}{space 3} .0901536
{txt}{space 6}tout_num {c |}{col 16}{res}{space 2} .0063174{col 28}{space 2} .0177642{col 39}{space 1}    0.36{col 48}{space 3}0.722{col 56}{space 4}-.0285057{col 69}{space 3} .0411404
{txt}gd_pay_pre_365 {c |}{col 16}{res}{space 2}-.6467025{col 28}{space 2} .0105497{col 39}{space 1}  -61.30{col 48}{space 3}0.000{col 56}{space 4} -.667383{col 69}{space 3}-.6260221
{txt}{space 10}size {c |}{col 16}{res}{space 2} .0646132{col 28}{space 2}  .004999{col 39}{space 1}   12.93{col 48}{space 3}0.000{col 56}{space 4} .0548138{col 69}{space 3} .0744127
{txt}{space 11}mtb {c |}{col 16}{res}{space 2}  .014556{col 28}{space 2} .0042539{col 39}{space 1}    3.42{col 48}{space 3}0.001{col 56}{space 4} .0062172{col 69}{space 3} .0228948
{txt}{space 11}roa {c |}{col 16}{res}{space 2}  .114932{col 28}{space 2} .0668281{col 39}{space 1}    1.72{col 48}{space 3}0.086{col 56}{space 4}-.0160705{col 69}{space 3} .2459345
{txt}{space 12}io {c |}{col 16}{res}{space 2} .0425891{col 28}{space 2} .0180492{col 39}{space 1}    2.36{col 48}{space 3}0.018{col 56}{space 4} .0072074{col 69}{space 3} .0779709
{txt}{space 10}cash {c |}{col 16}{res}{space 2}   .12381{col 28}{space 2} .0502831{col 39}{space 1}    2.46{col 48}{space 3}0.014{col 56}{space 4} .0252406{col 69}{space 3} .2223795
{txt}{space 11}lev {c |}{col 16}{res}{space 2}-.0384821{col 28}{space 2} .0271988{col 39}{space 1}   -1.41{col 48}{space 3}0.157{col 56}{space 4}-.0917996{col 69}{space 3} .0148354
{txt}{space 6}salesg_w {c |}{col 16}{res}{space 2} .0890727{col 28}{space 2} .0233905{col 39}{space 1}    3.81{col 48}{space 3}0.000{col 56}{space 4} .0432205{col 69}{space 3} .1349249
{txt}{space 11}tsr {c |}{col 16}{res}{space 2} .0268184{col 28}{space 2} .0111146{col 39}{space 1}    2.41{col 48}{space 3}0.016{col 56}{space 4} .0050305{col 69}{space 3} .0486063
{txt}{space 9}union {c |}{col 16}{res}{space 2}-.0146319{col 28}{space 2} .0151831{col 39}{space 1}   -0.96{col 48}{space 3}0.335{col 56}{space 4}-.0443952{col 69}{space 3} .0151314
{txt}{space 12}rd {c |}{col 16}{res}{space 2} .6391203{col 28}{space 2}  .131461{col 39}{space 1}    4.86{col 48}{space 3}0.000{col 56}{space 4} .3814183{col 69}{space 3} .8968222
{txt}{space 9}_cons {c |}{col 16}{res}{space 2} 1.647924{col 28}{space 2} .0529657{col 39}{space 1}   31.11{col 48}{space 3}0.000{col 56}{space 4} 1.544096{col 69}{space 3} 1.751752
{txt}{hline 15}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      195{col 27}{space 1}        0{col 39}{result}{space 1}      195{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est5{txt} stored)

{com}. esttab using "Output/Tables/RF/T6_firm_payrating.csv", b(3) ar2 varwidth(25) title("Disclosure and Pay Rating") order(ln_words spin_num explain_num suppl_num tout_num pr_quint_5 pr_quint_1 gd_pay_pre_365 size mtb roa io cash lev salesg_w tsr union rd) star(* 0.10 ** 0.05  *** 0.01 ) drop( _cons) replace
{res}{txt}(output written to {browse  `"Output/Tables/RF/T6_firm_payrating.csv"'})

{com}. 
. ********************************
. *Panel B: Change in Productivity
. ********************************
. est clear
{txt}
{com}. eststo: reghdfe ln_prod_diff pr_quint_5 pr_quint_1 ln_words ln_prod_pre_365 size mtb roa io cash lev salesg_w tsr union rd fixed_assets, absorb(indyr)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     7,580
{txt}Absorbing 1 HDFE group{col 51}F({res}  15{txt},{res}   7369{txt}){col 67}= {res}     39.74
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1384
{txt}{col 51}Adj R-squared{col 67}= {res}    0.1138
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0748
{txt}{col 51}Root MSE{col 67}= {res}    0.3238

{txt}{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}   ln_prod_diff{col 17}{c |}      Coef.{col 29}   Std. Err.{col 41}      t{col 49}   P>|t|{col 57}     [95% Con{col 70}f. Interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 5}pr_quint_5 {c |}{col 17}{res}{space 2}-.0367113{col 29}{space 2} .0114538{col 40}{space 1}   -3.21{col 49}{space 3}0.001{col 57}{space 4} -.059164{col 70}{space 3}-.0142586
{txt}{space 5}pr_quint_1 {c |}{col 17}{res}{space 2} .0176791{col 29}{space 2} .0116584{col 40}{space 1}    1.52{col 49}{space 3}0.129{col 57}{space 4}-.0051748{col 70}{space 3} .0405329
{txt}{space 7}ln_words {c |}{col 17}{res}{space 2}-.0062479{col 29}{space 2} .0092107{col 40}{space 1}   -0.68{col 49}{space 3}0.498{col 57}{space 4}-.0243035{col 70}{space 3} .0118078
{txt}ln_prod_pre_365 {c |}{col 17}{res}{space 2}-.0832991{col 29}{space 2} .0052788{col 40}{space 1}  -15.78{col 49}{space 3}0.000{col 57}{space 4}-.0936471{col 70}{space 3}-.0729512
{txt}{space 11}size {c |}{col 17}{res}{space 2} .0171534{col 29}{space 2} .0031724{col 40}{space 1}    5.41{col 49}{space 3}0.000{col 57}{space 4} .0109347{col 70}{space 3} .0233722
{txt}{space 12}mtb {c |}{col 17}{res}{space 2} .0120792{col 29}{space 2} .0024545{col 40}{space 1}    4.92{col 49}{space 3}0.000{col 57}{space 4} .0072677{col 70}{space 3} .0168906
{txt}{space 12}roa {c |}{col 17}{res}{space 2}-.4221466{col 29}{space 2} .0378188{col 40}{space 1}  -11.16{col 49}{space 3}0.000{col 57}{space 4}-.4962822{col 70}{space 3}-.3480109
{txt}{space 13}io {c |}{col 17}{res}{space 2} .0307014{col 29}{space 2} .0140647{col 40}{space 1}    2.18{col 49}{space 3}0.029{col 57}{space 4} .0031305{col 70}{space 3} .0582722
{txt}{space 11}cash {c |}{col 17}{res}{space 2}-.0478116{col 29}{space 2} .0311491{col 40}{space 1}   -1.53{col 49}{space 3}0.125{col 57}{space 4}-.1088728{col 70}{space 3} .0132496
{txt}{space 12}lev {c |}{col 17}{res}{space 2} .0575116{col 29}{space 2} .0167015{col 40}{space 1}    3.44{col 49}{space 3}0.001{col 57}{space 4} .0247718{col 70}{space 3} .0902514
{txt}{space 7}salesg_w {c |}{col 17}{res}{space 2}-.1115714{col 29}{space 2} .0139332{col 40}{space 1}   -8.01{col 49}{space 3}0.000{col 57}{space 4}-.1388845{col 70}{space 3}-.0842582
{txt}{space 12}tsr {c |}{col 17}{res}{space 2} .0170081{col 29}{space 2} .0067771{col 40}{space 1}    2.51{col 49}{space 3}0.012{col 57}{space 4}  .003723{col 70}{space 3} .0302932
{txt}{space 10}union {c |}{col 17}{res}{space 2}-.0337997{col 29}{space 2} .0095862{col 40}{space 1}   -3.53{col 49}{space 3}0.000{col 57}{space 4}-.0525913{col 70}{space 3}-.0150081
{txt}{space 13}rd {c |}{col 17}{res}{space 2}-.3902042{col 29}{space 2} .0756662{col 40}{space 1}   -5.16{col 49}{space 3}0.000{col 57}{space 4}-.5385315{col 70}{space 3}-.2418769
{txt}{space 3}fixed_assets {c |}{col 17}{res}{space 2}-.0204654{col 29}{space 2} .0256478{col 40}{space 1}   -0.80{col 49}{space 3}0.425{col 57}{space 4}-.0707423{col 70}{space 3} .0298116
{txt}{space 10}_cons {c |}{col 17}{res}{space 2} .4331185{col 29}{space 2} .0656337{col 40}{space 1}    6.60{col 49}{space 3}0.000{col 57}{space 4} .3044577{col 70}{space 3} .5617793
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      196{col 27}{space 1}        0{col 39}{result}{space 1}      196{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est1{txt} stored)

{com}. eststo: reghdfe ln_prod_diff pr_quint_5 pr_quint_1 spin_num ln_prod_pre_365 size mtb roa io cash lev salesg_w tsr union rd fixed_assets, absorb(indyr)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     7,580
{txt}Absorbing 1 HDFE group{col 51}F({res}  15{txt},{res}   7369{txt}){col 67}= {res}     39.72
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1383
{txt}{col 51}Adj R-squared{col 67}= {res}    0.1138
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0748
{txt}{col 51}Root MSE{col 67}= {res}    0.3238

{txt}{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}   ln_prod_diff{col 17}{c |}      Coef.{col 29}   Std. Err.{col 41}      t{col 49}   P>|t|{col 57}     [95% Con{col 70}f. Interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 5}pr_quint_5 {c |}{col 17}{res}{space 2}-.0368905{col 29}{space 2} .0114569{col 40}{space 1}   -3.22{col 49}{space 3}0.001{col 57}{space 4}-.0593492{col 70}{space 3}-.0144318
{txt}{space 5}pr_quint_1 {c |}{col 17}{res}{space 2} .0180714{col 29}{space 2} .0116437{col 40}{space 1}    1.55{col 49}{space 3}0.121{col 57}{space 4}-.0047535{col 70}{space 3} .0408964
{txt}{space 7}spin_num {c |}{col 17}{res}{space 2}-.0008174{col 29}{space 2}  .002641{col 40}{space 1}   -0.31{col 49}{space 3}0.757{col 57}{space 4}-.0059946{col 70}{space 3} .0043598
{txt}ln_prod_pre_365 {c |}{col 17}{res}{space 2}-.0831359{col 29}{space 2}  .005272{col 40}{space 1}  -15.77{col 49}{space 3}0.000{col 57}{space 4}-.0934705{col 70}{space 3}-.0728012
{txt}{space 11}size {c |}{col 17}{res}{space 2} .0170875{col 29}{space 2} .0031768{col 40}{space 1}    5.38{col 49}{space 3}0.000{col 57}{space 4} .0108601{col 70}{space 3}  .023315
{txt}{space 12}mtb {c |}{col 17}{res}{space 2} .0120799{col 29}{space 2} .0024553{col 40}{space 1}    4.92{col 49}{space 3}0.000{col 57}{space 4} .0072667{col 70}{space 3}  .016893
{txt}{space 12}roa {c |}{col 17}{res}{space 2}-.4214959{col 29}{space 2} .0378345{col 40}{space 1}  -11.14{col 49}{space 3}0.000{col 57}{space 4}-.4956623{col 70}{space 3}-.3473295
{txt}{space 13}io {c |}{col 17}{res}{space 2} .0307088{col 29}{space 2} .0140656{col 40}{space 1}    2.18{col 49}{space 3}0.029{col 57}{space 4} .0031362{col 70}{space 3} .0582814
{txt}{space 11}cash {c |}{col 17}{res}{space 2}  -.04789{col 29}{space 2} .0311573{col 40}{space 1}   -1.54{col 49}{space 3}0.124{col 57}{space 4}-.1089672{col 70}{space 3} .0131872
{txt}{space 12}lev {c |}{col 17}{res}{space 2} .0574008{col 29}{space 2} .0167089{col 40}{space 1}    3.44{col 49}{space 3}0.001{col 57}{space 4} .0246466{col 70}{space 3}  .090155
{txt}{space 7}salesg_w {c |}{col 17}{res}{space 2}-.1117512{col 29}{space 2} .0139325{col 40}{space 1}   -8.02{col 49}{space 3}0.000{col 57}{space 4}-.1390629{col 70}{space 3}-.0844395
{txt}{space 12}tsr {c |}{col 17}{res}{space 2} .0171551{col 29}{space 2} .0067746{col 40}{space 1}    2.53{col 49}{space 3}0.011{col 57}{space 4} .0038749{col 70}{space 3} .0304353
{txt}{space 10}union {c |}{col 17}{res}{space 2}-.0339048{col 29}{space 2} .0095861{col 40}{space 1}   -3.54{col 49}{space 3}0.000{col 57}{space 4}-.0526962{col 70}{space 3}-.0151134
{txt}{space 13}rd {c |}{col 17}{res}{space 2}-.3907009{col 29}{space 2} .0756733{col 40}{space 1}   -5.16{col 49}{space 3}0.000{col 57}{space 4}-.5390422{col 70}{space 3}-.2423595
{txt}{space 3}fixed_assets {c |}{col 17}{res}{space 2}-.0200069{col 29}{space 2} .0256441{col 40}{space 1}   -0.78{col 49}{space 3}0.435{col 57}{space 4}-.0702768{col 70}{space 3} .0302629
{txt}{space 10}_cons {c |}{col 17}{res}{space 2} .3963367{col 29}{space 2}  .037324{col 40}{space 1}   10.62{col 49}{space 3}0.000{col 57}{space 4} .3231711{col 70}{space 3} .4695023
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      196{col 27}{space 1}        0{col 39}{result}{space 1}      196{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est2{txt} stored)

{com}. eststo: reghdfe ln_prod_diff pr_quint_5 pr_quint_1 explain_num ln_prod_pre_365 size mtb roa io cash lev salesg_w tsr union rd fixed_assets, absorb(indyr)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     7,580
{txt}Absorbing 1 HDFE group{col 51}F({res}  15{txt},{res}   7369{txt}){col 67}= {res}     39.71
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1383
{txt}{col 51}Adj R-squared{col 67}= {res}    0.1138
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0748
{txt}{col 51}Root MSE{col 67}= {res}    0.3238

{txt}{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}   ln_prod_diff{col 17}{c |}      Coef.{col 29}   Std. Err.{col 41}      t{col 49}   P>|t|{col 57}     [95% Con{col 70}f. Interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 5}pr_quint_5 {c |}{col 17}{res}{space 2}  -.03709{col 29}{space 2} .0114613{col 40}{space 1}   -3.24{col 49}{space 3}0.001{col 57}{space 4}-.0595574{col 70}{space 3}-.0146225
{txt}{space 5}pr_quint_1 {c |}{col 17}{res}{space 2} .0180909{col 29}{space 2} .0116502{col 40}{space 1}    1.55{col 49}{space 3}0.121{col 57}{space 4}-.0047469{col 70}{space 3} .0409287
{txt}{space 4}explain_num {c |}{col 17}{res}{space 2} .0000865{col 29}{space 2} .0034536{col 40}{space 1}    0.03{col 49}{space 3}0.980{col 57}{space 4}-.0066834{col 70}{space 3} .0068565
{txt}ln_prod_pre_365 {c |}{col 17}{res}{space 2}-.0830856{col 29}{space 2} .0052703{col 40}{space 1}  -15.76{col 49}{space 3}0.000{col 57}{space 4}-.0934169{col 70}{space 3}-.0727543
{txt}{space 11}size {c |}{col 17}{res}{space 2} .0169993{col 29}{space 2} .0031653{col 40}{space 1}    5.37{col 49}{space 3}0.000{col 57}{space 4} .0107944{col 70}{space 3} .0232042
{txt}{space 12}mtb {c |}{col 17}{res}{space 2} .0120564{col 29}{space 2} .0024551{col 40}{space 1}    4.91{col 49}{space 3}0.000{col 57}{space 4} .0072437{col 70}{space 3} .0168692
{txt}{space 12}roa {c |}{col 17}{res}{space 2}-.4218321{col 29}{space 2} .0378239{col 40}{space 1}  -11.15{col 49}{space 3}0.000{col 57}{space 4}-.4959778{col 70}{space 3}-.3476863
{txt}{space 13}io {c |}{col 17}{res}{space 2} .0306649{col 29}{space 2} .0140657{col 40}{space 1}    2.18{col 49}{space 3}0.029{col 57}{space 4} .0030921{col 70}{space 3} .0582376
{txt}{space 11}cash {c |}{col 17}{res}{space 2}-.0481721{col 29}{space 2} .0311575{col 40}{space 1}   -1.55{col 49}{space 3}0.122{col 57}{space 4}-.1092497{col 70}{space 3} .0129055
{txt}{space 12}lev {c |}{col 17}{res}{space 2} .0575618{col 29}{space 2} .0167077{col 40}{space 1}    3.45{col 49}{space 3}0.001{col 57}{space 4} .0248099{col 70}{space 3} .0903136
{txt}{space 7}salesg_w {c |}{col 17}{res}{space 2}-.1117262{col 29}{space 2} .0139409{col 40}{space 1}   -8.01{col 49}{space 3}0.000{col 57}{space 4}-.1390543{col 70}{space 3}-.0843981
{txt}{space 12}tsr {c |}{col 17}{res}{space 2} .0171449{col 29}{space 2} .0067764{col 40}{space 1}    2.53{col 49}{space 3}0.011{col 57}{space 4} .0038613{col 70}{space 3} .0304285
{txt}{space 10}union {c |}{col 17}{res}{space 2}-.0338839{col 29}{space 2} .0095879{col 40}{space 1}   -3.53{col 49}{space 3}0.000{col 57}{space 4}-.0526789{col 70}{space 3}-.0150889
{txt}{space 13}rd {c |}{col 17}{res}{space 2}-.3913314{col 29}{space 2} .0757156{col 40}{space 1}   -5.17{col 49}{space 3}0.000{col 57}{space 4}-.5397556{col 70}{space 3}-.2429071
{txt}{space 3}fixed_assets {c |}{col 17}{res}{space 2}-.0201111{col 29}{space 2} .0256511{col 40}{space 1}   -0.78{col 49}{space 3}0.433{col 57}{space 4}-.0703946{col 70}{space 3} .0301723
{txt}{space 10}_cons {c |}{col 17}{res}{space 2} .3964037{col 29}{space 2} .0374978{col 40}{space 1}   10.57{col 49}{space 3}0.000{col 57}{space 4} .3228973{col 70}{space 3} .4699102
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      196{col 27}{space 1}        0{col 39}{result}{space 1}      196{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est3{txt} stored)

{com}. eststo: reghdfe ln_prod_diff pr_quint_5 pr_quint_1 suppl_num ln_prod_pre_365 size mtb roa io cash lev salesg_w tsr union rd fixed_assets, absorb(indyr)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     7,580
{txt}Absorbing 1 HDFE group{col 51}F({res}  15{txt},{res}   7369{txt}){col 67}= {res}     39.74
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1384
{txt}{col 51}Adj R-squared{col 67}= {res}    0.1138
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0748
{txt}{col 51}Root MSE{col 67}= {res}    0.3238

{txt}{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}   ln_prod_diff{col 17}{c |}      Coef.{col 29}   Std. Err.{col 41}      t{col 49}   P>|t|{col 57}     [95% Con{col 70}f. Interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 5}pr_quint_5 {c |}{col 17}{res}{space 2}-.0384176{col 29}{space 2} .0116401{col 40}{space 1}   -3.30{col 49}{space 3}0.001{col 57}{space 4}-.0612355{col 70}{space 3}-.0155996
{txt}{space 5}pr_quint_1 {c |}{col 17}{res}{space 2} .0184402{col 29}{space 2} .0116575{col 40}{space 1}    1.58{col 49}{space 3}0.114{col 57}{space 4}-.0044118{col 70}{space 3} .0412921
{txt}{space 6}suppl_num {c |}{col 17}{res}{space 2} .0078104{col 29}{space 2} .0124415{col 40}{space 1}    0.63{col 49}{space 3}0.530{col 57}{space 4}-.0165785{col 70}{space 3} .0321992
{txt}ln_prod_pre_365 {c |}{col 17}{res}{space 2}-.0829722{col 29}{space 2} .0052728{col 40}{space 1}  -15.74{col 49}{space 3}0.000{col 57}{space 4}-.0933084{col 70}{space 3}-.0726361
{txt}{space 11}size {c |}{col 17}{res}{space 2} .0171003{col 29}{space 2} .0031684{col 40}{space 1}    5.40{col 49}{space 3}0.000{col 57}{space 4} .0108894{col 70}{space 3} .0233112
{txt}{space 12}mtb {c |}{col 17}{res}{space 2} .0120604{col 29}{space 2} .0024543{col 40}{space 1}    4.91{col 49}{space 3}0.000{col 57}{space 4} .0072493{col 70}{space 3} .0168714
{txt}{space 12}roa {c |}{col 17}{res}{space 2}-.4225173{col 29}{space 2} .0378314{col 40}{space 1}  -11.17{col 49}{space 3}0.000{col 57}{space 4}-.4966777{col 70}{space 3}-.3483569
{txt}{space 13}io {c |}{col 17}{res}{space 2} .0306408{col 29}{space 2} .0140648{col 40}{space 1}    2.18{col 49}{space 3}0.029{col 57}{space 4} .0030698{col 70}{space 3} .0582117
{txt}{space 11}cash {c |}{col 17}{res}{space 2}-.0485066{col 29}{space 2} .0311504{col 40}{space 1}   -1.56{col 49}{space 3}0.119{col 57}{space 4}-.1095703{col 70}{space 3} .0125571
{txt}{space 12}lev {c |}{col 17}{res}{space 2} .0576925{col 29}{space 2}  .016703{col 40}{space 1}    3.45{col 49}{space 3}0.001{col 57}{space 4} .0249498{col 70}{space 3} .0904353
{txt}{space 7}salesg_w {c |}{col 17}{res}{space 2}-.1117977{col 29}{space 2} .0139324{col 40}{space 1}   -8.02{col 49}{space 3}0.000{col 57}{space 4}-.1391091{col 70}{space 3}-.0844863
{txt}{space 12}tsr {c |}{col 17}{res}{space 2} .0172539{col 29}{space 2} .0067767{col 40}{space 1}    2.55{col 49}{space 3}0.011{col 57}{space 4} .0039696{col 70}{space 3} .0305382
{txt}{space 10}union {c |}{col 17}{res}{space 2}-.0338414{col 29}{space 2} .0095857{col 40}{space 1}   -3.53{col 49}{space 3}0.000{col 57}{space 4}-.0526321{col 70}{space 3}-.0150508
{txt}{space 13}rd {c |}{col 17}{res}{space 2}-.3913193{col 29}{space 2} .0756507{col 40}{space 1}   -5.17{col 49}{space 3}0.000{col 57}{space 4}-.5396164{col 70}{space 3}-.2430223
{txt}{space 3}fixed_assets {c |}{col 17}{res}{space 2}-.0197132{col 29}{space 2} .0256493{col 40}{space 1}   -0.77{col 49}{space 3}0.442{col 57}{space 4}-.0699931{col 70}{space 3} .0305666
{txt}{space 10}_cons {c |}{col 17}{res}{space 2} .3943529{col 29}{space 2} .0374754{col 40}{space 1}   10.52{col 49}{space 3}0.000{col 57}{space 4} .3208904{col 70}{space 3} .4678153
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      196{col 27}{space 1}        0{col 39}{result}{space 1}      196{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est4{txt} stored)

{com}. eststo: reghdfe ln_prod_diff pr_quint_5 pr_quint_1 tout_num ln_prod_pre_365 size mtb roa io cash lev salesg_w tsr union rd fixed_assets, absorb(indyr)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     7,580
{txt}Absorbing 1 HDFE group{col 51}F({res}  15{txt},{res}   7369{txt}){col 67}= {res}     39.76
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1384
{txt}{col 51}Adj R-squared{col 67}= {res}    0.1138
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0749
{txt}{col 51}Root MSE{col 67}= {res}    0.3238

{txt}{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}   ln_prod_diff{col 17}{c |}      Coef.{col 29}   Std. Err.{col 41}      t{col 49}   P>|t|{col 57}     [95% Con{col 70}f. Interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 5}pr_quint_5 {c |}{col 17}{res}{space 2}-.0368722{col 29}{space 2} .0114441{col 40}{space 1}   -3.22{col 49}{space 3}0.001{col 57}{space 4}-.0593058{col 70}{space 3}-.0144385
{txt}{space 5}pr_quint_1 {c |}{col 17}{res}{space 2} .0178087{col 29}{space 2} .0116483{col 40}{space 1}    1.53{col 49}{space 3}0.126{col 57}{space 4}-.0050254{col 70}{space 3} .0406428
{txt}{space 7}tout_num {c |}{col 17}{res}{space 2} .0087172{col 29}{space 2} .0110333{col 40}{space 1}    0.79{col 49}{space 3}0.430{col 57}{space 4}-.0129113{col 70}{space 3} .0303457
{txt}ln_prod_pre_365 {c |}{col 17}{res}{space 2}-.0831334{col 29}{space 2} .0052698{col 40}{space 1}  -15.78{col 49}{space 3}0.000{col 57}{space 4}-.0934638{col 70}{space 3} -.072803
{txt}{space 11}size {c |}{col 17}{res}{space 2} .0170578{col 29}{space 2} .0031652{col 40}{space 1}    5.39{col 49}{space 3}0.000{col 57}{space 4} .0108532{col 70}{space 3} .0232625
{txt}{space 12}mtb {c |}{col 17}{res}{space 2}  .012042{col 29}{space 2} .0024543{col 40}{space 1}    4.91{col 49}{space 3}0.000{col 57}{space 4} .0072308{col 70}{space 3} .0168531
{txt}{space 12}roa {c |}{col 17}{res}{space 2}-.4220116{col 29}{space 2} .0378164{col 40}{space 1}  -11.16{col 49}{space 3}0.000{col 57}{space 4}-.4961426{col 70}{space 3}-.3478806
{txt}{space 13}io {c |}{col 17}{res}{space 2} .0309426{col 29}{space 2} .0140688{col 40}{space 1}    2.20{col 49}{space 3}0.028{col 57}{space 4} .0033638{col 70}{space 3} .0585214
{txt}{space 11}cash {c |}{col 17}{res}{space 2}-.0477754{col 29}{space 2} .0311484{col 40}{space 1}   -1.53{col 49}{space 3}0.125{col 57}{space 4}-.1088351{col 70}{space 3} .0132844
{txt}{space 12}lev {c |}{col 17}{res}{space 2} .0578925{col 29}{space 2} .0167069{col 40}{space 1}    3.47{col 49}{space 3}0.001{col 57}{space 4} .0251423{col 70}{space 3} .0906428
{txt}{space 7}salesg_w {c |}{col 17}{res}{space 2} -.111768{col 29}{space 2} .0139317{col 40}{space 1}   -8.02{col 49}{space 3}0.000{col 57}{space 4}-.1390781{col 70}{space 3} -.084458
{txt}{space 12}tsr {c |}{col 17}{res}{space 2} .0170727{col 29}{space 2} .0067748{col 40}{space 1}    2.52{col 49}{space 3}0.012{col 57}{space 4} .0037922{col 70}{space 3} .0303532
{txt}{space 10}union {c |}{col 17}{res}{space 2}-.0337939{col 29}{space 2} .0095859{col 40}{space 1}   -3.53{col 49}{space 3}0.000{col 57}{space 4}-.0525851{col 70}{space 3}-.0150027
{txt}{space 13}rd {c |}{col 17}{res}{space 2}-.3906762{col 29}{space 2}  .075653{col 40}{space 1}   -5.16{col 49}{space 3}0.000{col 57}{space 4}-.5389778{col 70}{space 3}-.2423746
{txt}{space 3}fixed_assets {c |}{col 17}{res}{space 2}-.0197273{col 29}{space 2} .0256459{col 40}{space 1}   -0.77{col 49}{space 3}0.442{col 57}{space 4}-.0700005{col 70}{space 3} .0305459
{txt}{space 10}_cons {c |}{col 17}{res}{space 2} .3951208{col 29}{space 2} .0373596{col 40}{space 1}   10.58{col 49}{space 3}0.000{col 57}{space 4} .3218852{col 70}{space 3} .4683563
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      196{col 27}{space 1}        0{col 39}{result}{space 1}      196{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est5{txt} stored)

{com}. esttab using "Output/Tables/RF/T6_firm_prod.csv", b(3) ar2 varwidth(25) title("Disclosure and Productivity") order(ln_words spin_num explain_num suppl_num tout_num pr_quint_5 pr_quint_1 ln_prod_pre_365 size mtb roa io cash lev salesg_w tsr union rd fixed_assets) star(* 0.10 ** 0.05  *** 0.01 ) drop(  _cons) replace
{res}{txt}(output written to {browse  `"Output/Tables/RF/T6_firm_prod.csv"'})

{com}. 
. ***********************************
. *Panel C: Change in CEO Disapproval
. ***********************************
. est clear
{txt}
{com}. eststo: reghdfe gd_ceodis_diff_365 pr_quint_5 pr_quint_1 ln_words gd_ceodis_pre_365 size mtb roa io cash lev salesg_w tsr union rd, absorb(indyr)
{res}{txt}(dropped 1 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     7,542
{txt}Absorbing 1 HDFE group{col 51}F({res}  14{txt},{res}   7333{txt}){col 67}= {res}    403.74
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4677
{txt}{col 51}Adj R-squared{col 67}= {res}    0.4526
{txt}{col 51}Within R-sq.{col 67}= {res}    0.4353
{txt}{col 51}Root MSE{col 67}= {res}    0.0905

{txt}{hline 18}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_ceodis_dif~365{col 19}{c |}      Coef.{col 31}   Std. Err.{col 43}      t{col 51}   P>|t|{col 59}     [95% Con{col 72}f. Interval]
{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 7}pr_quint_5 {c |}{col 19}{res}{space 2} .0060704{col 31}{space 2}  .003075{col 42}{space 1}    1.97{col 51}{space 3}0.048{col 59}{space 4} .0000426{col 72}{space 3} .0120982
{txt}{space 7}pr_quint_1 {c |}{col 19}{res}{space 2} .0009248{col 31}{space 2} .0033486{col 42}{space 1}    0.28{col 51}{space 3}0.782{col 59}{space 4}-.0056394{col 72}{space 3} .0074889
{txt}{space 9}ln_words {c |}{col 19}{res}{space 2}  .006367{col 31}{space 2} .0025923{col 42}{space 1}    2.46{col 51}{space 3}0.014{col 59}{space 4} .0012852{col 72}{space 3} .0114487
{txt}gd_ceodis_pre_365 {c |}{col 19}{res}{space 2}-.6696219{col 31}{space 2} .0089311{col 42}{space 1}  -74.98{col 51}{space 3}0.000{col 59}{space 4}-.6871295{col 72}{space 3}-.6521143
{txt}{space 13}size {c |}{col 19}{res}{space 2}-.0021377{col 31}{space 2} .0008489{col 42}{space 1}   -2.52{col 51}{space 3}0.012{col 59}{space 4}-.0038018{col 72}{space 3}-.0004736
{txt}{space 14}mtb {c |}{col 19}{res}{space 2}-.0015734{col 31}{space 2} .0007353{col 42}{space 1}   -2.14{col 51}{space 3}0.032{col 59}{space 4}-.0030149{col 72}{space 3} -.000132
{txt}{space 14}roa {c |}{col 19}{res}{space 2}-.0228774{col 31}{space 2} .0113631{col 42}{space 1}   -2.01{col 51}{space 3}0.044{col 59}{space 4}-.0451523{col 72}{space 3}-.0006025
{txt}{space 15}io {c |}{col 19}{res}{space 2}-.0003198{col 31}{space 2} .0031533{col 42}{space 1}   -0.10{col 51}{space 3}0.919{col 59}{space 4}-.0065013{col 72}{space 3} .0058616
{txt}{space 13}cash {c |}{col 19}{res}{space 2} .0016789{col 31}{space 2} .0087352{col 42}{space 1}    0.19{col 51}{space 3}0.848{col 59}{space 4}-.0154446{col 72}{space 3} .0188025
{txt}{space 14}lev {c |}{col 19}{res}{space 2} .0000133{col 31}{space 2} .0046962{col 42}{space 1}    0.00{col 51}{space 3}0.998{col 59}{space 4}-.0091927{col 72}{space 3} .0092192
{txt}{space 9}salesg_w {c |}{col 19}{res}{space 2}-.0127413{col 31}{space 2} .0040484{col 42}{space 1}   -3.15{col 51}{space 3}0.002{col 59}{space 4}-.0206773{col 72}{space 3}-.0048054
{txt}{space 14}tsr {c |}{col 19}{res}{space 2}-.0018907{col 31}{space 2}  .001931{col 42}{space 1}   -0.98{col 51}{space 3}0.328{col 59}{space 4} -.005676{col 72}{space 3} .0018946
{txt}{space 12}union {c |}{col 19}{res}{space 2} .0067275{col 31}{space 2} .0026456{col 42}{space 1}    2.54{col 51}{space 3}0.011{col 59}{space 4} .0015413{col 72}{space 3} .0119137
{txt}{space 15}rd {c |}{col 19}{res}{space 2}-.0041711{col 31}{space 2} .0226673{col 42}{space 1}   -0.18{col 51}{space 3}0.854{col 59}{space 4}-.0486054{col 72}{space 3} .0402633
{txt}{space 12}_cons {c |}{col 19}{res}{space 2} .0296023{col 31}{space 2} .0168268{col 42}{space 1}    1.76{col 51}{space 3}0.079{col 59}{space 4} -.003383{col 72}{space 3} .0625877
{txt}{hline 18}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      195{col 27}{space 1}        0{col 39}{result}{space 1}      195{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est1{txt} stored)

{com}. eststo: reghdfe gd_ceodis_diff_365 pr_quint_5 pr_quint_1 spin_num gd_ceodis_pre_365 size mtb roa io cash lev salesg_w tsr union rd, absorb(indyr)
{res}{txt}(dropped 1 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     7,542
{txt}Absorbing 1 HDFE group{col 51}F({res}  14{txt},{res}   7333{txt}){col 67}= {res}    402.98
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4673
{txt}{col 51}Adj R-squared{col 67}= {res}    0.4522
{txt}{col 51}Within R-sq.{col 67}= {res}    0.4348
{txt}{col 51}Root MSE{col 67}= {res}    0.0906

{txt}{hline 18}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_ceodis_dif~365{col 19}{c |}      Coef.{col 31}   Std. Err.{col 43}      t{col 51}   P>|t|{col 59}     [95% Con{col 72}f. Interval]
{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 7}pr_quint_5 {c |}{col 19}{res}{space 2} .0065876{col 31}{space 2} .0030748{col 42}{space 1}    2.14{col 51}{space 3}0.032{col 59}{space 4}   .00056{col 72}{space 3} .0126152
{txt}{space 7}pr_quint_1 {c |}{col 19}{res}{space 2} .0004677{col 31}{space 2} .0033448{col 42}{space 1}    0.14{col 51}{space 3}0.889{col 59}{space 4}-.0060891{col 72}{space 3} .0070245
{txt}{space 9}spin_num {c |}{col 19}{res}{space 2} -.000036{col 31}{space 2}  .000734{col 42}{space 1}   -0.05{col 51}{space 3}0.961{col 59}{space 4}-.0014749{col 72}{space 3} .0014029
{txt}gd_ceodis_pre_365 {c |}{col 19}{res}{space 2} -.669445{col 31}{space 2} .0089356{col 42}{space 1}  -74.92{col 51}{space 3}0.000{col 59}{space 4}-.6869613{col 72}{space 3}-.6519287
{txt}{space 13}size {c |}{col 19}{res}{space 2}-.0020107{col 31}{space 2} .0008505{col 42}{space 1}   -2.36{col 51}{space 3}0.018{col 59}{space 4} -.003678{col 72}{space 3}-.0003434
{txt}{space 14}mtb {c |}{col 19}{res}{space 2}-.0015506{col 31}{space 2} .0007359{col 42}{space 1}   -2.11{col 51}{space 3}0.035{col 59}{space 4}-.0029932{col 72}{space 3} -.000108
{txt}{space 14}roa {c |}{col 19}{res}{space 2}-.0237273{col 31}{space 2} .0113651{col 42}{space 1}   -2.09{col 51}{space 3}0.037{col 59}{space 4}-.0460062{col 72}{space 3}-.0014484
{txt}{space 15}io {c |}{col 19}{res}{space 2}-.0004318{col 31}{space 2} .0031543{col 42}{space 1}   -0.14{col 51}{space 3}0.891{col 59}{space 4}-.0066152{col 72}{space 3} .0057516
{txt}{space 13}cash {c |}{col 19}{res}{space 2} .0021675{col 31}{space 2} .0087388{col 42}{space 1}    0.25{col 51}{space 3}0.804{col 59}{space 4}-.0149631{col 72}{space 3}  .019298
{txt}{space 14}lev {c |}{col 19}{res}{space 2}-.0000469{col 31}{space 2}    .0047{col 42}{space 1}   -0.01{col 51}{space 3}0.992{col 59}{space 4}-.0092601{col 72}{space 3} .0091664
{txt}{space 9}salesg_w {c |}{col 19}{res}{space 2}-.0126231{col 31}{space 2} .0040498{col 42}{space 1}   -3.12{col 51}{space 3}0.002{col 59}{space 4}-.0205619{col 72}{space 3}-.0046844
{txt}{space 14}tsr {c |}{col 19}{res}{space 2}-.0020514{col 31}{space 2} .0019307{col 42}{space 1}   -1.06{col 51}{space 3}0.288{col 59}{space 4}-.0058362{col 72}{space 3} .0017333
{txt}{space 12}union {c |}{col 19}{res}{space 2} .0067763{col 31}{space 2} .0026467{col 42}{space 1}    2.56{col 51}{space 3}0.010{col 59}{space 4}  .001588{col 72}{space 3} .0119645
{txt}{space 15}rd {c |}{col 19}{res}{space 2}-.0023302{col 31}{space 2} .0226684{col 42}{space 1}   -0.10{col 51}{space 3}0.918{col 59}{space 4}-.0467668{col 72}{space 3} .0421065
{txt}{space 12}_cons {c |}{col 19}{res}{space 2} .0659195{col 31}{space 2} .0080286{col 42}{space 1}    8.21{col 51}{space 3}0.000{col 59}{space 4} .0501811{col 72}{space 3} .0816579
{txt}{hline 18}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      195{col 27}{space 1}        0{col 39}{result}{space 1}      195{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est2{txt} stored)

{com}. eststo: reghdfe gd_ceodis_diff_365 pr_quint_5 pr_quint_1 explain_num gd_ceodis_pre_365 size mtb roa io cash lev salesg_w tsr union rd, absorb(indyr)
{res}{txt}(dropped 1 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     7,542
{txt}Absorbing 1 HDFE group{col 51}F({res}  14{txt},{res}   7333{txt}){col 67}= {res}    403.12
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4674
{txt}{col 51}Adj R-squared{col 67}= {res}    0.4523
{txt}{col 51}Within R-sq.{col 67}= {res}    0.4349
{txt}{col 51}Root MSE{col 67}= {res}    0.0906

{txt}{hline 18}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_ceodis_dif~365{col 19}{c |}      Coef.{col 31}   Std. Err.{col 43}      t{col 51}   P>|t|{col 59}     [95% Con{col 72}f. Interval]
{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 7}pr_quint_5 {c |}{col 19}{res}{space 2} .0063789{col 31}{space 2} .0030748{col 42}{space 1}    2.07{col 51}{space 3}0.038{col 59}{space 4} .0003514{col 72}{space 3} .0124064
{txt}{space 7}pr_quint_1 {c |}{col 19}{res}{space 2} .0005613{col 31}{space 2} .0033457{col 42}{space 1}    0.17{col 51}{space 3}0.867{col 59}{space 4}-.0059972{col 72}{space 3} .0071198
{txt}{space 6}explain_num {c |}{col 19}{res}{space 2} .0010188{col 31}{space 2} .0009628{col 42}{space 1}    1.06{col 51}{space 3}0.290{col 59}{space 4}-.0008686{col 72}{space 3} .0029061
{txt}gd_ceodis_pre_365 {c |}{col 19}{res}{space 2}-.6694912{col 31}{space 2}  .008934{col 42}{space 1}  -74.94{col 51}{space 3}0.000{col 59}{space 4}-.6870043{col 72}{space 3} -.651978
{txt}{space 13}size {c |}{col 19}{res}{space 2}-.0020287{col 31}{space 2} .0008478{col 42}{space 1}   -2.39{col 51}{space 3}0.017{col 59}{space 4}-.0036907{col 72}{space 3}-.0003668
{txt}{space 14}mtb {c |}{col 19}{res}{space 2}-.0015725{col 31}{space 2} .0007358{col 42}{space 1}   -2.14{col 51}{space 3}0.033{col 59}{space 4}-.0030148{col 72}{space 3}-.0001301
{txt}{space 14}roa {c |}{col 19}{res}{space 2}-.0235659{col 31}{space 2} .0113627{col 42}{space 1}   -2.07{col 51}{space 3}0.038{col 59}{space 4}-.0458399{col 72}{space 3}-.0012918
{txt}{space 15}io {c |}{col 19}{res}{space 2}-.0004009{col 31}{space 2} .0031542{col 42}{space 1}   -0.13{col 51}{space 3}0.899{col 59}{space 4}-.0065841{col 72}{space 3} .0057823
{txt}{space 13}cash {c |}{col 19}{res}{space 2} .0019058{col 31}{space 2} .0087392{col 42}{space 1}    0.22{col 51}{space 3}0.827{col 59}{space 4}-.0152256{col 72}{space 3} .0190372
{txt}{space 14}lev {c |}{col 19}{res}{space 2} .0000678{col 31}{space 2} .0046989{col 42}{space 1}    0.01{col 51}{space 3}0.988{col 59}{space 4}-.0091434{col 72}{space 3} .0092789
{txt}{space 9}salesg_w {c |}{col 19}{res}{space 2}-.0127634{col 31}{space 2} .0040516{col 42}{space 1}   -3.15{col 51}{space 3}0.002{col 59}{space 4}-.0207057{col 72}{space 3} -.004821
{txt}{space 14}tsr {c |}{col 19}{res}{space 2}-.0020078{col 31}{space 2}  .001931{col 42}{space 1}   -1.04{col 51}{space 3}0.298{col 59}{space 4}-.0057931{col 72}{space 3} .0017775
{txt}{space 12}union {c |}{col 19}{res}{space 2} .0067296{col 31}{space 2} .0026468{col 42}{space 1}    2.54{col 51}{space 3}0.011{col 59}{space 4} .0015411{col 72}{space 3} .0119182
{txt}{space 15}rd {c |}{col 19}{res}{space 2} -.003466{col 31}{space 2} .0226872{col 42}{space 1}   -0.15{col 51}{space 3}0.879{col 59}{space 4}-.0479395{col 72}{space 3} .0410075
{txt}{space 12}_cons {c |}{col 19}{res}{space 2} .0648519{col 31}{space 2}  .008088{col 42}{space 1}    8.02{col 51}{space 3}0.000{col 59}{space 4}  .048997{col 72}{space 3} .0807068
{txt}{hline 18}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      195{col 27}{space 1}        0{col 39}{result}{space 1}      195{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est3{txt} stored)

{com}. eststo: reghdfe gd_ceodis_diff_365 pr_quint_5 pr_quint_1 suppl_num gd_ceodis_pre_365 size mtb roa io cash lev salesg_w tsr union rd, absorb(indyr)
{res}{txt}(dropped 1 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     7,542
{txt}Absorbing 1 HDFE group{col 51}F({res}  14{txt},{res}   7333{txt}){col 67}= {res}    403.58
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4676
{txt}{col 51}Adj R-squared{col 67}= {res}    0.4525
{txt}{col 51}Within R-sq.{col 67}= {res}    0.4352
{txt}{col 51}Root MSE{col 67}= {res}    0.0906

{txt}{hline 18}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_ceodis_dif~365{col 19}{c |}      Coef.{col 31}   Std. Err.{col 43}      t{col 51}   P>|t|{col 59}     [95% Con{col 72}f. Interval]
{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 7}pr_quint_5 {c |}{col 19}{res}{space 2} .0052293{col 31}{space 2} .0031308{col 42}{space 1}    1.67{col 51}{space 3}0.095{col 59}{space 4}-.0009079{col 72}{space 3} .0113666
{txt}{space 7}pr_quint_1 {c |}{col 19}{res}{space 2}  .000816{col 31}{space 2} .0033476{col 42}{space 1}    0.24{col 51}{space 3}0.807{col 59}{space 4}-.0057462{col 72}{space 3} .0073782
{txt}{space 8}suppl_num {c |}{col 19}{res}{space 2} .0074343{col 31}{space 2} .0034306{col 42}{space 1}    2.17{col 51}{space 3}0.030{col 59}{space 4} .0007093{col 72}{space 3} .0141593
{txt}gd_ceodis_pre_365 {c |}{col 19}{res}{space 2}-.6694839{col 31}{space 2} .0089317{col 42}{space 1}  -74.96{col 51}{space 3}0.000{col 59}{space 4}-.6869925{col 72}{space 3}-.6519752
{txt}{space 13}size {c |}{col 19}{res}{space 2}-.0019006{col 31}{space 2} .0008491{col 42}{space 1}   -2.24{col 51}{space 3}0.025{col 59}{space 4}-.0035651{col 72}{space 3}-.0002361
{txt}{space 14}mtb {c |}{col 19}{res}{space 2}-.0015437{col 31}{space 2} .0007354{col 42}{space 1}   -2.10{col 51}{space 3}0.036{col 59}{space 4}-.0029852{col 72}{space 3}-.0001022
{txt}{space 14}roa {c |}{col 19}{res}{space 2}-.0241108{col 31}{space 2}   .01136{col 42}{space 1}   -2.12{col 51}{space 3}0.034{col 59}{space 4}-.0463797{col 72}{space 3} -.001842
{txt}{space 15}io {c |}{col 19}{res}{space 2}-.0003889{col 31}{space 2} .0031534{col 42}{space 1}   -0.12{col 51}{space 3}0.902{col 59}{space 4}-.0065704{col 72}{space 3} .0057926
{txt}{space 13}cash {c |}{col 19}{res}{space 2} .0016243{col 31}{space 2} .0087373{col 42}{space 1}    0.19{col 51}{space 3}0.853{col 59}{space 4}-.0155033{col 72}{space 3}  .018752
{txt}{space 14}lev {c |}{col 19}{res}{space 2} .0000762{col 31}{space 2} .0046969{col 42}{space 1}    0.02{col 51}{space 3}0.987{col 59}{space 4}-.0091311{col 72}{space 3} .0092835
{txt}{space 9}salesg_w {c |}{col 19}{res}{space 2}-.0126248{col 31}{space 2} .0040484{col 42}{space 1}   -3.12{col 51}{space 3}0.002{col 59}{space 4}-.0205609{col 72}{space 3}-.0046887
{txt}{space 14}tsr {c |}{col 19}{res}{space 2}-.0019416{col 31}{space 2} .0019307{col 42}{space 1}   -1.01{col 51}{space 3}0.315{col 59}{space 4}-.0057264{col 72}{space 3} .0018432
{txt}{space 12}union {c |}{col 19}{res}{space 2} .0067683{col 31}{space 2} .0026458{col 42}{space 1}    2.56{col 51}{space 3}0.011{col 59}{space 4} .0015818{col 72}{space 3} .0119549
{txt}{space 15}rd {c |}{col 19}{res}{space 2}-.0022235{col 31}{space 2} .0226573{col 42}{space 1}   -0.10{col 51}{space 3}0.922{col 59}{space 4}-.0466383{col 72}{space 3} .0421913
{txt}{space 12}_cons {c |}{col 19}{res}{space 2} .0644435{col 31}{space 2} .0080507{col 42}{space 1}    8.00{col 51}{space 3}0.000{col 59}{space 4} .0486619{col 72}{space 3} .0802252
{txt}{hline 18}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      195{col 27}{space 1}        0{col 39}{result}{space 1}      195{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est4{txt} stored)

{com}. eststo: reghdfe gd_ceodis_diff_365 pr_quint_5 pr_quint_1 tout_num gd_ceodis_pre_365 size mtb roa io cash lev salesg_w tsr union rd, absorb(indyr)
{res}{txt}(dropped 1 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     7,542
{txt}Absorbing 1 HDFE group{col 51}F({res}  14{txt},{res}   7333{txt}){col 67}= {res}    403.02
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4673
{txt}{col 51}Adj R-squared{col 67}= {res}    0.4522
{txt}{col 51}Within R-sq.{col 67}= {res}    0.4348
{txt}{col 51}Root MSE{col 67}= {res}    0.0906

{txt}{hline 18}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_ceodis_dif~365{col 19}{c |}      Coef.{col 31}   Std. Err.{col 43}      t{col 51}   P>|t|{col 59}     [95% Con{col 72}f. Interval]
{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 7}pr_quint_5 {c |}{col 19}{res}{space 2} .0065458{col 31}{space 2} .0030699{col 42}{space 1}    2.13{col 51}{space 3}0.033{col 59}{space 4}  .000528{col 72}{space 3} .0125637
{txt}{space 7}pr_quint_1 {c |}{col 19}{res}{space 2} .0005166{col 31}{space 2}  .003346{col 42}{space 1}    0.15{col 51}{space 3}0.877{col 59}{space 4}-.0060426{col 72}{space 3} .0070758
{txt}{space 9}tout_num {c |}{col 19}{res}{space 2}-.0015838{col 31}{space 2} .0030869{col 42}{space 1}   -0.51{col 51}{space 3}0.608{col 59}{space 4} -.007635{col 72}{space 3} .0044675
{txt}gd_ceodis_pre_365 {c |}{col 19}{res}{space 2}-.6694823{col 31}{space 2} .0089348{col 42}{space 1}  -74.93{col 51}{space 3}0.000{col 59}{space 4}-.6869969{col 72}{space 3}-.6519676
{txt}{space 13}size {c |}{col 19}{res}{space 2}-.0020244{col 31}{space 2}  .000848{col 42}{space 1}   -2.39{col 51}{space 3}0.017{col 59}{space 4}-.0036867{col 72}{space 3}-.0003621
{txt}{space 14}mtb {c |}{col 19}{res}{space 2}-.0015439{col 31}{space 2} .0007357{col 42}{space 1}   -2.10{col 51}{space 3}0.036{col 59}{space 4}-.0029861{col 72}{space 3}-.0001016
{txt}{space 14}roa {c |}{col 19}{res}{space 2}-.0237435{col 31}{space 2} .0113621{col 42}{space 1}   -2.09{col 51}{space 3}0.037{col 59}{space 4}-.0460165{col 72}{space 3}-.0014704
{txt}{space 15}io {c |}{col 19}{res}{space 2} -.000449{col 31}{space 2} .0031544{col 42}{space 1}   -0.14{col 51}{space 3}0.887{col 59}{space 4}-.0066326{col 72}{space 3} .0057345
{txt}{space 13}cash {c |}{col 19}{res}{space 2}  .002032{col 31}{space 2} .0087399{col 42}{space 1}    0.23{col 51}{space 3}0.816{col 59}{space 4}-.0151008{col 72}{space 3} .0191648
{txt}{space 14}lev {c |}{col 19}{res}{space 2}-.0000783{col 31}{space 2} .0046986{col 42}{space 1}   -0.02{col 51}{space 3}0.987{col 59}{space 4}-.0092889{col 72}{space 3} .0091323
{txt}{space 9}salesg_w {c |}{col 19}{res}{space 2}-.0126176{col 31}{space 2} .0040497{col 42}{space 1}   -3.12{col 51}{space 3}0.002{col 59}{space 4}-.0205561{col 72}{space 3}-.0046791
{txt}{space 14}tsr {c |}{col 19}{res}{space 2}-.0020386{col 31}{space 2} .0019308{col 42}{space 1}   -1.06{col 51}{space 3}0.291{col 59}{space 4}-.0058236{col 72}{space 3} .0017463
{txt}{space 12}union {c |}{col 19}{res}{space 2} .0067681{col 31}{space 2} .0026466{col 42}{space 1}    2.56{col 51}{space 3}0.011{col 59}{space 4} .0015799{col 72}{space 3} .0119563
{txt}{space 15}rd {c |}{col 19}{res}{space 2}-.0024695{col 31}{space 2} .0226652{col 42}{space 1}   -0.11{col 51}{space 3}0.913{col 59}{space 4}-.0468999{col 72}{space 3} .0419608
{txt}{space 12}_cons {c |}{col 19}{res}{space 2} .0661879{col 31}{space 2} .0080391{col 42}{space 1}    8.23{col 51}{space 3}0.000{col 59}{space 4}  .050429{col 72}{space 3} .0819468
{txt}{hline 18}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      195{col 27}{space 1}        0{col 39}{result}{space 1}      195{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est5{txt} stored)

{com}. esttab using "Output/Tables/RF/T6_firm_ceodis.csv", b(3) ar2 varwidth(25) title("Disclosure and CEO Disapproval") order(ln_words spin_num explain_num suppl_num tout_num pr_quint_5 pr_quint_1 gd_ceodis_pre_365 size mtb roa io cash lev salesg_w tsr union rd) star(* 0.10 ** 0.05  *** 0.01 ) drop( _cons) replace
{res}{txt}(output written to {browse  `"Output/Tables/RF/T6_firm_ceodis.csv"'})

{com}. 
{txt}end of do-file

{com}. 
. // ------------------------------------------- Table 7: Labor Expense Disclosure
. do Code/produce_table7
{txt}
{com}. 
. ************************************************************************************************************
. **#                                                     TABLE 7 - LABOR EXPENSE DISCLOSERS
. ************************************************************************************************************
. 
. capture cd "C:\Users\austin.starkweather\Dropbox\Research\CEO Pay Ratio\Analysis"
{txt}
{com}. capture cd "/Users/joshw/Dropbox/CEO Pay Ratio/Analysis/"
{txt}
{com}. use "Data/Temp/dataset_main.dta", clear
{txt}
{com}. 
. ************************************************
. *Labor Expense Interactions
. ************************************************
. 
. g interact_q5  = labor_exp*pr_quint_5
{txt}(275 missing values generated)

{com}.         la var interact_q5 "Labor exepnse dislcoser times quintile 5"
{txt}
{com}. g interact_q1  = labor_exp*pr_quint_1
{txt}(275 missing values generated)

{com}.         la var interact_q5 "Labor exepnse dislcoser times quintile 1"
{txt}
{com}. g interact_epr  = labor_exp*ln_epr
{txt}(833 missing values generated)

{com}.         la var interact_epr "Labor exepnse dislcoser times log of expected pay ratio"
{txt}
{com}. g interact_upr  = labor_exp*ln_upr
{txt}(833 missing values generated)

{com}.         la var interact_upr "Labor exepnse dislcoser times log of unexpected pay ratio"
{txt}
{com}.         
. g interact2 = labor_exp * size
{txt}(278 missing values generated)

{com}. g interact3 = labor_exp * union
{txt}(318 missing values generated)

{com}. g interact4 = labor_exp * mtb
{txt}(281 missing values generated)

{com}. g interact5 = labor_exp * roa
{txt}(278 missing values generated)

{com}. g interact6 = labor_exp * io
{txt}(282 missing values generated)

{com}. g interact7 = labor_exp * rd
{txt}(278 missing values generated)

{com}. g interact8 = labor_exp * cash
{txt}(278 missing values generated)

{com}. g interact9 = labor_exp * lev
{txt}(278 missing values generated)

{com}. g interact10 = labor_exp * salesg_w
{txt}(293 missing values generated)

{com}. g interact11 = labor_exp * tsr
{txt}(275 missing values generated)

{com}. g interact12 = labor_exp * gd_pay_pre_365
{txt}(1,288 missing values generated)

{com}. g interact13 = labor_exp * fixed_assets
{txt}(788 missing values generated)

{com}. g interact14 = labor_exp * ln_prod_pre_365
{txt}(376 missing values generated)

{com}. g interact15 = labor_exp * gd_ceodis_pre_365
{txt}(1,220 missing values generated)

{com}. 
. 
. ************************************************
. ************************************************
. *PANEL A - CONTRAST
. ************************************************
. ************************************************
. 
. *************************
. *Pay rating
. *************************
. est clear
{txt}
{com}. eststo: xi: reghdfe gd_pay_diff_365 interact_q5 pr_quint_5 interact_q1 pr_quint_1 gd_pay_pre_365 labor_exp size mtb roa io cash lev salesg_w tsr union rd interact2-interact11 interact12 if sample_yr==1, noabsorb
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     1,984
{txt}Absorbing 1 HDFE group{col 51}F({res}  27{txt},{res}   1956{txt}){col 67}= {res}     29.14
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.2869
{txt}{col 51}Adj R-squared{col 67}= {res}    0.2770
{txt}{col 51}Within R-sq.{col 67}= {res}    0.2869
{txt}{col 51}Root MSE{col 67}= {res}    0.5400

{txt}{hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_pay_dif~365{col 16}{c |}      Coef.{col 28}   Std. Err.{col 40}      t{col 48}   P>|t|{col 56}     [95% Con{col 69}f. Interval]
{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 3}interact_q5 {c |}{col 16}{res}{space 2} .0304443{col 28}{space 2} .1005559{col 39}{space 1}    0.30{col 48}{space 3}0.762{col 56}{space 4}-.1667636{col 69}{space 3} .2276522
{txt}{space 4}pr_quint_5 {c |}{col 16}{res}{space 2}-.1560679{col 28}{space 2} .0340275{col 39}{space 1}   -4.59{col 48}{space 3}0.000{col 56}{space 4}-.2228018{col 69}{space 3} -.089334
{txt}{space 3}interact_q1 {c |}{col 16}{res}{space 2}  .024961{col 28}{space 2} .0927155{col 39}{space 1}    0.27{col 48}{space 3}0.788{col 56}{space 4}-.1568705{col 69}{space 3} .2067925
{txt}{space 4}pr_quint_1 {c |}{col 16}{res}{space 2} .0703677{col 28}{space 2}   .04737{col 39}{space 1}    1.49{col 48}{space 3}0.138{col 56}{space 4}-.0225333{col 69}{space 3} .1632688
{txt}gd_pay_pre_365 {c |}{col 16}{res}{space 2}-.5644797{col 28}{space 2} .0233302{col 39}{space 1}  -24.20{col 48}{space 3}0.000{col 56}{space 4}-.6102343{col 69}{space 3} -.518725
{txt}{space 5}labor_exp {c |}{col 16}{res}{space 2} .1530556{col 28}{space 2} .2620282{col 39}{space 1}    0.58{col 48}{space 3}0.559{col 56}{space 4}-.3608282{col 69}{space 3} .6669394
{txt}{space 10}size {c |}{col 16}{res}{space 2} .0698594{col 28}{space 2} .0101598{col 39}{space 1}    6.88{col 48}{space 3}0.000{col 56}{space 4} .0499343{col 69}{space 3} .0897844
{txt}{space 11}mtb {c |}{col 16}{res}{space 2} .0083296{col 28}{space 2} .0101178{col 39}{space 1}    0.82{col 48}{space 3}0.410{col 56}{space 4}-.0115132{col 69}{space 3} .0281724
{txt}{space 11}roa {c |}{col 16}{res}{space 2}-.0083171{col 28}{space 2} .1376765{col 39}{space 1}   -0.06{col 48}{space 3}0.952{col 56}{space 4}-.2783252{col 69}{space 3} .2616909
{txt}{space 12}io {c |}{col 16}{res}{space 2} .1239832{col 28}{space 2} .0614331{col 39}{space 1}    2.02{col 48}{space 3}0.044{col 56}{space 4} .0035019{col 69}{space 3} .2444644
{txt}{space 10}cash {c |}{col 16}{res}{space 2} .1939915{col 28}{space 2} .1036932{col 39}{space 1}    1.87{col 48}{space 3}0.062{col 56}{space 4}-.0093693{col 69}{space 3} .3973524
{txt}{space 11}lev {c |}{col 16}{res}{space 2}-.0338884{col 28}{space 2} .0595129{col 39}{space 1}   -0.57{col 48}{space 3}0.569{col 56}{space 4}-.1506036{col 69}{space 3} .0828269
{txt}{space 6}salesg_w {c |}{col 16}{res}{space 2} .0617926{col 28}{space 2} .0456693{col 39}{space 1}    1.35{col 48}{space 3}0.176{col 56}{space 4}-.0277729{col 69}{space 3} .1513582
{txt}{space 11}tsr {c |}{col 16}{res}{space 2} .0123016{col 28}{space 2} .0323604{col 39}{space 1}    0.38{col 48}{space 3}0.704{col 56}{space 4}-.0511628{col 69}{space 3} .0757661
{txt}{space 9}union {c |}{col 16}{res}{space 2} .0117771{col 28}{space 2} .0287418{col 39}{space 1}    0.41{col 48}{space 3}0.682{col 56}{space 4}-.0445907{col 69}{space 3} .0681449
{txt}{space 12}rd {c |}{col 16}{res}{space 2} .4012105{col 28}{space 2} .2506786{col 39}{space 1}    1.60{col 48}{space 3}0.110{col 56}{space 4}-.0904148{col 69}{space 3} .8928358
{txt}{space 5}interact2 {c |}{col 16}{res}{space 2}-.0069016{col 28}{space 2} .0229014{col 39}{space 1}   -0.30{col 48}{space 3}0.763{col 56}{space 4}-.0518153{col 69}{space 3}  .038012
{txt}{space 5}interact3 {c |}{col 16}{res}{space 2} .0430389{col 28}{space 2} .0871128{col 39}{space 1}    0.49{col 48}{space 3}0.621{col 56}{space 4}-.1278047{col 69}{space 3} .2138826
{txt}{space 5}interact4 {c |}{col 16}{res}{space 2} .0232487{col 28}{space 2} .0309327{col 39}{space 1}    0.75{col 48}{space 3}0.452{col 56}{space 4}-.0374158{col 69}{space 3} .0839131
{txt}{space 5}interact5 {c |}{col 16}{res}{space 2} .2792954{col 28}{space 2} .4928672{col 39}{space 1}    0.57{col 48}{space 3}0.571{col 56}{space 4}-.6873046{col 69}{space 3} 1.245895
{txt}{space 5}interact6 {c |}{col 16}{res}{space 2}-.2642497{col 28}{space 2} .1492036{col 39}{space 1}   -1.77{col 48}{space 3}0.077{col 56}{space 4}-.5568645{col 69}{space 3}  .028365
{txt}{space 5}interact7 {c |}{col 16}{res}{space 2} .0643208{col 28}{space 2} 1.121807{col 39}{space 1}    0.06{col 48}{space 3}0.954{col 56}{space 4}-2.135742{col 69}{space 3} 2.264384
{txt}{space 5}interact8 {c |}{col 16}{res}{space 2}-.0195325{col 28}{space 2} .2633777{col 39}{space 1}   -0.07{col 48}{space 3}0.941{col 56}{space 4}-.5360629{col 69}{space 3} .4969978
{txt}{space 5}interact9 {c |}{col 16}{res}{space 2}  .196386{col 28}{space 2} .1548832{col 39}{space 1}    1.27{col 48}{space 3}0.205{col 56}{space 4}-.1073675{col 69}{space 3} .5001395
{txt}{space 4}interact10 {c |}{col 16}{res}{space 2} .0881059{col 28}{space 2}  .154001{col 39}{space 1}    0.57{col 48}{space 3}0.567{col 56}{space 4}-.2139174{col 69}{space 3} .3901292
{txt}{space 4}interact11 {c |}{col 16}{res}{space 2} .0180852{col 28}{space 2} .1097009{col 39}{space 1}    0.16{col 48}{space 3}0.869{col 56}{space 4}-.1970577{col 69}{space 3}  .233228
{txt}{space 4}interact12 {c |}{col 16}{res}{space 2}-.0333381{col 28}{space 2} .0513198{col 39}{space 1}   -0.65{col 48}{space 3}0.516{col 56}{space 4}-.1339854{col 69}{space 3} .0673092
{txt}{space 9}_cons {c |}{col 16}{res}{space 2} 1.261246{col 28}{space 2} .1118121{col 39}{space 1}   11.28{col 48}{space 3}0.000{col 56}{space 4} 1.041963{col 69}{space 3}  1.48053
{txt}{hline 15}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
({res}est1{txt} stored)

{com}. eststo: xi: reghdfe gd_pay_diff_365 interact_q5 pr_quint_5 interact_q1 pr_quint_1 gd_pay_pre_365 labor_exp size mtb roa io cash lev salesg_w tsr union rd interact2-interact11 interact12 if sample_yr==1, absorb(ffi49) 
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     1,984
{txt}Absorbing 1 HDFE group{col 51}F({res}  27{txt},{res}   1908{txt}){col 67}= {res}     30.58
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.3152
{txt}{col 51}Adj R-squared{col 67}= {res}    0.2883
{txt}{col 51}Within R-sq.{col 67}= {res}    0.3021
{txt}{col 51}Root MSE{col 67}= {res}    0.5358

{txt}{hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_pay_dif~365{col 16}{c |}      Coef.{col 28}   Std. Err.{col 40}      t{col 48}   P>|t|{col 56}     [95% Con{col 69}f. Interval]
{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 3}interact_q5 {c |}{col 16}{res}{space 2}-.0314323{col 28}{space 2}  .104627{col 39}{space 1}   -0.30{col 48}{space 3}0.764{col 56}{space 4}-.2366275{col 69}{space 3}  .173763
{txt}{space 4}pr_quint_5 {c |}{col 16}{res}{space 2}-.0695408{col 28}{space 2}   .03766{col 39}{space 1}   -1.85{col 48}{space 3}0.065{col 56}{space 4}-.1433998{col 69}{space 3} .0043182
{txt}{space 3}interact_q1 {c |}{col 16}{res}{space 2}  .061236{col 28}{space 2} .0945052{col 39}{space 1}    0.65{col 48}{space 3}0.517{col 56}{space 4}-.1241085{col 69}{space 3} .2465804
{txt}{space 4}pr_quint_1 {c |}{col 16}{res}{space 2} .0628768{col 28}{space 2} .0476046{col 39}{space 1}    1.32{col 48}{space 3}0.187{col 56}{space 4}-.0304858{col 69}{space 3} .1562394
{txt}gd_pay_pre_365 {c |}{col 16}{res}{space 2}-.6019751{col 28}{space 2} .0242311{col 39}{space 1}  -24.84{col 48}{space 3}0.000{col 56}{space 4}-.6494974{col 69}{space 3}-.5544528
{txt}{space 5}labor_exp {c |}{col 16}{res}{space 2} .0893887{col 28}{space 2} .2646075{col 39}{space 1}    0.34{col 48}{space 3}0.736{col 56}{space 4}-.4295616{col 69}{space 3}  .608339
{txt}{space 10}size {c |}{col 16}{res}{space 2} .0638287{col 28}{space 2} .0110611{col 39}{space 1}    5.77{col 48}{space 3}0.000{col 56}{space 4} .0421356{col 69}{space 3} .0855218
{txt}{space 11}mtb {c |}{col 16}{res}{space 2} .0055323{col 28}{space 2} .0105392{col 39}{space 1}    0.52{col 48}{space 3}0.600{col 56}{space 4}-.0151373{col 69}{space 3} .0262019
{txt}{space 11}roa {c |}{col 16}{res}{space 2} .0366349{col 28}{space 2} .1435799{col 39}{space 1}    0.26{col 48}{space 3}0.799{col 56}{space 4}-.2449551{col 69}{space 3}  .318225
{txt}{space 12}io {c |}{col 16}{res}{space 2} .1295431{col 28}{space 2} .0624318{col 39}{space 1}    2.07{col 48}{space 3}0.038{col 56}{space 4} .0071014{col 69}{space 3} .2519847
{txt}{space 10}cash {c |}{col 16}{res}{space 2} .1967237{col 28}{space 2} .1074163{col 39}{space 1}    1.83{col 48}{space 3}0.067{col 56}{space 4}-.0139419{col 69}{space 3} .4073894
{txt}{space 11}lev {c |}{col 16}{res}{space 2}-.0661462{col 28}{space 2} .0633877{col 39}{space 1}   -1.04{col 48}{space 3}0.297{col 56}{space 4}-.1904627{col 69}{space 3} .0581703
{txt}{space 6}salesg_w {c |}{col 16}{res}{space 2} .0373521{col 28}{space 2} .0466232{col 39}{space 1}    0.80{col 48}{space 3}0.423{col 56}{space 4}-.0540856{col 69}{space 3} .1287899
{txt}{space 11}tsr {c |}{col 16}{res}{space 2} .0245162{col 28}{space 2} .0328647{col 39}{space 1}    0.75{col 48}{space 3}0.456{col 56}{space 4}-.0399384{col 69}{space 3} .0889707
{txt}{space 9}union {c |}{col 16}{res}{space 2}-.0396494{col 28}{space 2} .0326993{col 39}{space 1}   -1.21{col 48}{space 3}0.225{col 56}{space 4}-.1037795{col 69}{space 3} .0244807
{txt}{space 12}rd {c |}{col 16}{res}{space 2} .3925707{col 28}{space 2} .2760464{col 39}{space 1}    1.42{col 48}{space 3}0.155{col 56}{space 4}-.1488137{col 69}{space 3} .9339552
{txt}{space 5}interact2 {c |}{col 16}{res}{space 2} .0011131{col 28}{space 2} .0243296{col 39}{space 1}    0.05{col 48}{space 3}0.964{col 56}{space 4}-.0466024{col 69}{space 3} .0488285
{txt}{space 5}interact3 {c |}{col 16}{res}{space 2}  .048383{col 28}{space 2} .0967628{col 39}{space 1}    0.50{col 48}{space 3}0.617{col 56}{space 4}-.1413889{col 69}{space 3}  .238155
{txt}{space 5}interact4 {c |}{col 16}{res}{space 2} .0219103{col 28}{space 2} .0311938{col 39}{space 1}    0.70{col 48}{space 3}0.483{col 56}{space 4}-.0392672{col 69}{space 3} .0830878
{txt}{space 5}interact5 {c |}{col 16}{res}{space 2} .1473751{col 28}{space 2} .4995932{col 39}{space 1}    0.29{col 48}{space 3}0.768{col 56}{space 4}-.8324312{col 69}{space 3} 1.127181
{txt}{space 5}interact6 {c |}{col 16}{res}{space 2}-.2495131{col 28}{space 2}  .150378{col 39}{space 1}   -1.66{col 48}{space 3}0.097{col 56}{space 4}-.5444357{col 69}{space 3} .0454095
{txt}{space 5}interact7 {c |}{col 16}{res}{space 2} .0194329{col 28}{space 2} 1.118043{col 39}{space 1}    0.02{col 48}{space 3}0.986{col 56}{space 4}-2.173283{col 69}{space 3} 2.212149
{txt}{space 5}interact8 {c |}{col 16}{res}{space 2}-.1786919{col 28}{space 2} .2792121{col 39}{space 1}   -0.64{col 48}{space 3}0.522{col 56}{space 4} -.726285{col 69}{space 3} .3689012
{txt}{space 5}interact9 {c |}{col 16}{res}{space 2} .2419733{col 28}{space 2} .1575035{col 39}{space 1}    1.54{col 48}{space 3}0.125{col 56}{space 4}-.0669239{col 69}{space 3} .5508705
{txt}{space 4}interact10 {c |}{col 16}{res}{space 2} .0799072{col 28}{space 2} .1542776{col 39}{space 1}    0.52{col 48}{space 3}0.605{col 56}{space 4}-.2226632{col 69}{space 3} .3824776
{txt}{space 4}interact11 {c |}{col 16}{res}{space 2}-.0428964{col 28}{space 2} .1112477{col 39}{space 1}   -0.39{col 48}{space 3}0.700{col 56}{space 4}-.2610764{col 69}{space 3} .1752835
{txt}{space 4}interact12 {c |}{col 16}{res}{space 2}-.0137097{col 28}{space 2} .0514434{col 39}{space 1}   -0.27{col 48}{space 3}0.790{col 56}{space 4}-.1146008{col 69}{space 3} .0871815
{txt}{space 9}_cons {c |}{col 16}{res}{space 2} 1.436626{col 28}{space 2} .1185689{col 39}{space 1}   12.12{col 48}{space 3}0.000{col 56}{space 4} 1.204088{col 69}{space 3} 1.669164
{txt}{hline 15}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       49{col 27}{space 1}        0{col 39}{result}{space 1}       49{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est2{txt} stored)

{com}. 
. *************************
. *Productivity
. *************************
. eststo: xi: reghdfe ln_prod_diff interact_q5 pr_quint_5 interact_q1 pr_quint_1 ln_prod_pre_365 labor_exp size mtb roa io cash lev salesg_w tsr union rd fixed_assets interact2-interact11 interact13 interact14 if sample_yr==1, noabsorb
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     2,053
{txt}Absorbing 1 HDFE group{col 51}F({res}  29{txt},{res}   2023{txt}){col 67}= {res}      5.89
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.0778
{txt}{col 51}Adj R-squared{col 67}= {res}    0.0646
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0778
{txt}{col 51}Root MSE{col 67}= {res}    0.2922

{txt}{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}   ln_prod_diff{col 17}{c |}      Coef.{col 29}   Std. Err.{col 41}      t{col 49}   P>|t|{col 57}     [95% Con{col 70}f. Interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}interact_q5 {c |}{col 17}{res}{space 2} .0032645{col 29}{space 2} .0598757{col 40}{space 1}    0.05{col 49}{space 3}0.957{col 57}{space 4}  -.11416{col 70}{space 3} .1206889
{txt}{space 5}pr_quint_5 {c |}{col 17}{res}{space 2} -.040305{col 29}{space 2} .0196941{col 40}{space 1}   -2.05{col 49}{space 3}0.041{col 57}{space 4}-.0789278{col 70}{space 3}-.0016821
{txt}{space 4}interact_q1 {c |}{col 17}{res}{space 2} -.032921{col 29}{space 2} .0463036{col 40}{space 1}   -0.71{col 49}{space 3}0.477{col 57}{space 4}-.1237286{col 70}{space 3} .0578867
{txt}{space 5}pr_quint_1 {c |}{col 17}{res}{space 2} .0381999{col 29}{space 2}  .024397{col 40}{space 1}    1.57{col 49}{space 3}0.118{col 57}{space 4}-.0096459{col 70}{space 3} .0860458
{txt}ln_prod_pre_365 {c |}{col 17}{res}{space 2}-.0521359{col 29}{space 2} .0089197{col 40}{space 1}   -5.84{col 49}{space 3}0.000{col 57}{space 4}-.0696287{col 70}{space 3} -.034643
{txt}{space 6}labor_exp {c |}{col 17}{res}{space 2} .1709488{col 29}{space 2} .1491936{col 40}{space 1}    1.15{col 49}{space 3}0.252{col 57}{space 4}-.1216404{col 70}{space 3} .4635379
{txt}{space 11}size {c |}{col 17}{res}{space 2} .0167254{col 29}{space 2} .0057545{col 40}{space 1}    2.91{col 49}{space 3}0.004{col 57}{space 4}   .00544{col 70}{space 3} .0280108
{txt}{space 12}mtb {c |}{col 17}{res}{space 2}-.0128333{col 29}{space 2} .0045057{col 40}{space 1}   -2.85{col 49}{space 3}0.004{col 57}{space 4}-.0216696{col 70}{space 3} -.003997
{txt}{space 12}roa {c |}{col 17}{res}{space 2} .0503543{col 29}{space 2} .0627151{col 40}{space 1}    0.80{col 49}{space 3}0.422{col 57}{space 4}-.0726385{col 70}{space 3} .1733472
{txt}{space 13}io {c |}{col 17}{res}{space 2} .1073994{col 29}{space 2} .0313119{col 40}{space 1}    3.43{col 49}{space 3}0.001{col 57}{space 4} .0459924{col 70}{space 3} .1688063
{txt}{space 11}cash {c |}{col 17}{res}{space 2}-.0875581{col 29}{space 2} .0540219{col 40}{space 1}   -1.62{col 49}{space 3}0.105{col 57}{space 4}-.1935025{col 70}{space 3} .0183864
{txt}{space 12}lev {c |}{col 17}{res}{space 2} .0307232{col 29}{space 2} .0310948{col 40}{space 1}    0.99{col 49}{space 3}0.323{col 57}{space 4}-.0302579{col 70}{space 3} .0917043
{txt}{space 7}salesg_w {c |}{col 17}{res}{space 2}-.0025137{col 29}{space 2} .0237518{col 40}{space 1}   -0.11{col 49}{space 3}0.916{col 57}{space 4}-.0490943{col 70}{space 3} .0440668
{txt}{space 12}tsr {c |}{col 17}{res}{space 2} .0454422{col 29}{space 2} .0164217{col 40}{space 1}    2.77{col 49}{space 3}0.006{col 57}{space 4} .0132369{col 70}{space 3} .0776474
{txt}{space 10}union {c |}{col 17}{res}{space 2}-.0377482{col 29}{space 2} .0158777{col 40}{space 1}   -2.38{col 49}{space 3}0.018{col 57}{space 4}-.0688866{col 70}{space 3}-.0066099
{txt}{space 13}rd {c |}{col 17}{res}{space 2} .1846864{col 29}{space 2} .1224965{col 40}{space 1}    1.51{col 49}{space 3}0.132{col 57}{space 4}-.0555461{col 70}{space 3} .4249188
{txt}{space 3}fixed_assets {c |}{col 17}{res}{space 2} .1368415{col 29}{space 2} .0327043{col 40}{space 1}    4.18{col 49}{space 3}0.000{col 57}{space 4} .0727038{col 70}{space 3} .2009792
{txt}{space 6}interact2 {c |}{col 17}{res}{space 2}-.0059972{col 29}{space 2} .0131454{col 40}{space 1}   -0.46{col 49}{space 3}0.648{col 57}{space 4}-.0317772{col 70}{space 3} .0197827
{txt}{space 6}interact3 {c |}{col 17}{res}{space 2} .0799249{col 29}{space 2} .0511197{col 40}{space 1}    1.56{col 49}{space 3}0.118{col 57}{space 4} -.020328{col 70}{space 3} .1801777
{txt}{space 6}interact4 {c |}{col 17}{res}{space 2} .0438755{col 29}{space 2} .0164321{col 40}{space 1}    2.67{col 49}{space 3}0.008{col 57}{space 4} .0116498{col 70}{space 3} .0761012
{txt}{space 6}interact5 {c |}{col 17}{res}{space 2}-.3213671{col 29}{space 2} .2305654{col 40}{space 1}   -1.39{col 49}{space 3}0.164{col 57}{space 4}-.7735375{col 70}{space 3} .1308033
{txt}{space 6}interact6 {c |}{col 17}{res}{space 2}-.1065091{col 29}{space 2} .0765723{col 40}{space 1}   -1.39{col 49}{space 3}0.164{col 57}{space 4}-.2566779{col 70}{space 3} .0436597
{txt}{space 6}interact7 {c |}{col 17}{res}{space 2} .3205889{col 29}{space 2} .5668353{col 40}{space 1}    0.57{col 49}{space 3}0.572{col 57}{space 4} -.791053{col 70}{space 3} 1.432231
{txt}{space 6}interact8 {c |}{col 17}{res}{space 2}-.4516141{col 29}{space 2} .1265289{col 40}{space 1}   -3.57{col 49}{space 3}0.000{col 57}{space 4}-.6997546{col 70}{space 3}-.2034736
{txt}{space 6}interact9 {c |}{col 17}{res}{space 2}-.0525192{col 29}{space 2} .0877176{col 40}{space 1}   -0.60{col 49}{space 3}0.549{col 57}{space 4}-.2245455{col 70}{space 3} .1195071
{txt}{space 5}interact10 {c |}{col 17}{res}{space 2}-.2983704{col 29}{space 2} .0765647{col 40}{space 1}   -3.90{col 49}{space 3}0.000{col 57}{space 4}-.4485242{col 70}{space 3}-.1482165
{txt}{space 5}interact11 {c |}{col 17}{res}{space 2}  .085395{col 29}{space 2}  .055641{col 40}{space 1}    1.53{col 49}{space 3}0.125{col 57}{space 4}-.0237247{col 70}{space 3} .1945147
{txt}{space 5}interact13 {c |}{col 17}{res}{space 2}-.3266935{col 29}{space 2} .0896522{col 40}{space 1}   -3.64{col 49}{space 3}0.000{col 57}{space 4}-.5025138{col 70}{space 3}-.1508731
{txt}{space 5}interact14 {c |}{col 17}{res}{space 2} .0116105{col 29}{space 2} .0216149{col 40}{space 1}    0.54{col 49}{space 3}0.591{col 57}{space 4}-.0307792{col 70}{space 3} .0540002
{txt}{space 10}_cons {c |}{col 17}{res}{space 2} .1285403{col 29}{space 2} .0631197{col 40}{space 1}    2.04{col 49}{space 3}0.042{col 57}{space 4} .0047539{col 70}{space 3} .2523267
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
({res}est3{txt} stored)

{com}. eststo: xi: reghdfe ln_prod_diff interact_q5 pr_quint_5 interact_q1 pr_quint_1 ln_prod_pre_365 labor_exp size mtb roa io cash lev salesg_w tsr union rd fixed_assets interact2-interact11 interact13 interact14 if sample_yr==1, absorb(ffi49) 
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     2,053
{txt}Absorbing 1 HDFE group{col 51}F({res}  29{txt},{res}   1975{txt}){col 67}= {res}      6.25
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1093
{txt}{col 51}Adj R-squared{col 67}= {res}    0.0746
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0841
{txt}{col 51}Root MSE{col 67}= {res}    0.2906

{txt}{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}   ln_prod_diff{col 17}{c |}      Coef.{col 29}   Std. Err.{col 41}      t{col 49}   P>|t|{col 57}     [95% Con{col 70}f. Interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}interact_q5 {c |}{col 17}{res}{space 2} .0155161{col 29}{space 2}  .061792{col 40}{space 1}    0.25{col 49}{space 3}0.802{col 57}{space 4}-.1056683{col 70}{space 3} .1367005
{txt}{space 5}pr_quint_5 {c |}{col 17}{res}{space 2}-.0455212{col 29}{space 2}  .021175{col 40}{space 1}   -2.15{col 49}{space 3}0.032{col 57}{space 4}-.0870489{col 70}{space 3}-.0039935
{txt}{space 4}interact_q1 {c |}{col 17}{res}{space 2}-.0435123{col 29}{space 2} .0474299{col 40}{space 1}   -0.92{col 49}{space 3}0.359{col 57}{space 4}-.1365302{col 70}{space 3} .0495057
{txt}{space 5}pr_quint_1 {c |}{col 17}{res}{space 2}  .049767{col 29}{space 2}  .024758{col 40}{space 1}    2.01{col 49}{space 3}0.045{col 57}{space 4} .0012125{col 70}{space 3} .0983215
{txt}ln_prod_pre_365 {c |}{col 17}{res}{space 2}-.0749888{col 29}{space 2} .0099922{col 40}{space 1}   -7.50{col 49}{space 3}0.000{col 57}{space 4}-.0945851{col 70}{space 3}-.0553924
{txt}{space 6}labor_exp {c |}{col 17}{res}{space 2} .1999595{col 29}{space 2} .1559193{col 40}{space 1}    1.28{col 49}{space 3}0.200{col 57}{space 4}-.1058241{col 70}{space 3} .5057431
{txt}{space 11}size {c |}{col 17}{res}{space 2} .0202824{col 29}{space 2} .0061064{col 40}{space 1}    3.32{col 49}{space 3}0.001{col 57}{space 4} .0083067{col 70}{space 3} .0322581
{txt}{space 12}mtb {c |}{col 17}{res}{space 2}-.0148415{col 29}{space 2} .0046585{col 40}{space 1}   -3.19{col 49}{space 3}0.001{col 57}{space 4}-.0239775{col 70}{space 3}-.0057055
{txt}{space 12}roa {c |}{col 17}{res}{space 2} .1112175{col 29}{space 2} .0647282{col 40}{space 1}    1.72{col 49}{space 3}0.086{col 57}{space 4}-.0157252{col 70}{space 3} .2381602
{txt}{space 13}io {c |}{col 17}{res}{space 2} .1112975{col 29}{space 2} .0318087{col 40}{space 1}    3.50{col 49}{space 3}0.000{col 57}{space 4} .0489154{col 70}{space 3} .1736797
{txt}{space 11}cash {c |}{col 17}{res}{space 2}-.1131608{col 29}{space 2} .0560923{col 40}{space 1}   -2.02{col 49}{space 3}0.044{col 57}{space 4}-.2231671{col 70}{space 3}-.0031545
{txt}{space 12}lev {c |}{col 17}{res}{space 2} .0295057{col 29}{space 2} .0326144{col 40}{space 1}    0.90{col 49}{space 3}0.366{col 57}{space 4}-.0344566{col 70}{space 3} .0934679
{txt}{space 7}salesg_w {c |}{col 17}{res}{space 2}-.0299903{col 29}{space 2} .0242242{col 40}{space 1}   -1.24{col 49}{space 3}0.216{col 57}{space 4} -.077498{col 70}{space 3} .0175174
{txt}{space 12}tsr {c |}{col 17}{res}{space 2} .0622305{col 29}{space 2} .0167094{col 40}{space 1}    3.72{col 49}{space 3}0.000{col 57}{space 4} .0294607{col 70}{space 3} .0950003
{txt}{space 10}union {c |}{col 17}{res}{space 2}-.0390205{col 29}{space 2} .0176857{col 40}{space 1}   -2.21{col 49}{space 3}0.027{col 57}{space 4} -.073705{col 70}{space 3} -.004336
{txt}{space 13}rd {c |}{col 17}{res}{space 2} .1544536{col 29}{space 2} .1337569{col 40}{space 1}    1.15{col 49}{space 3}0.248{col 57}{space 4}-.1078658{col 70}{space 3} .4167729
{txt}{space 3}fixed_assets {c |}{col 17}{res}{space 2} .0847129{col 29}{space 2} .0462321{col 40}{space 1}    1.83{col 49}{space 3}0.067{col 57}{space 4} -.005956{col 70}{space 3} .1753818
{txt}{space 6}interact2 {c |}{col 17}{res}{space 2} -.010293{col 29}{space 2} .0139394{col 40}{space 1}   -0.74{col 49}{space 3}0.460{col 57}{space 4}-.0376305{col 70}{space 3} .0170446
{txt}{space 6}interact3 {c |}{col 17}{res}{space 2} .0787072{col 29}{space 2} .0541735{col 40}{space 1}    1.45{col 49}{space 3}0.146{col 57}{space 4}-.0275361{col 70}{space 3} .1849505
{txt}{space 6}interact4 {c |}{col 17}{res}{space 2} .0426149{col 29}{space 2}  .016554{col 40}{space 1}    2.57{col 49}{space 3}0.010{col 57}{space 4} .0101497{col 70}{space 3}   .07508
{txt}{space 6}interact5 {c |}{col 17}{res}{space 2}-.3705703{col 29}{space 2} .2317212{col 40}{space 1}   -1.60{col 49}{space 3}0.110{col 57}{space 4} -.825014{col 70}{space 3} .0838735
{txt}{space 6}interact6 {c |}{col 17}{res}{space 2}-.0980275{col 29}{space 2} .0772727{col 40}{space 1}   -1.27{col 49}{space 3}0.205{col 57}{space 4} -.249572{col 70}{space 3} .0535171
{txt}{space 6}interact7 {c |}{col 17}{res}{space 2} .2853692{col 29}{space 2} .5684905{col 40}{space 1}    0.50{col 49}{space 3}0.616{col 57}{space 4} -.829535{col 70}{space 3} 1.400273
{txt}{space 6}interact8 {c |}{col 17}{res}{space 2}-.4626524{col 29}{space 2}  .135592{col 40}{space 1}   -3.41{col 49}{space 3}0.001{col 57}{space 4}-.7285707{col 70}{space 3}-.1967341
{txt}{space 6}interact9 {c |}{col 17}{res}{space 2}-.0100469{col 29}{space 2} .0899254{col 40}{space 1}   -0.11{col 49}{space 3}0.911{col 57}{space 4}-.1864054{col 70}{space 3} .1663117
{txt}{space 5}interact10 {c |}{col 17}{res}{space 2} -.268327{col 29}{space 2} .0766345{col 40}{space 1}   -3.50{col 49}{space 3}0.000{col 57}{space 4}  -.41862{col 70}{space 3} -.118034
{txt}{space 5}interact11 {c |}{col 17}{res}{space 2} .0597253{col 29}{space 2} .0561986{col 40}{space 1}    1.06{col 49}{space 3}0.288{col 57}{space 4}-.0504896{col 70}{space 3} .1699402
{txt}{space 5}interact13 {c |}{col 17}{res}{space 2}-.3480971{col 29}{space 2} .1106359{col 40}{space 1}   -3.15{col 49}{space 3}0.002{col 57}{space 4}-.5650724{col 70}{space 3}-.1311218
{txt}{space 5}interact14 {c |}{col 17}{res}{space 2} .0142473{col 29}{space 2}  .022593{col 40}{space 1}    0.63{col 49}{space 3}0.528{col 57}{space 4}-.0300613{col 70}{space 3} .0585559
{txt}{space 10}_cons {c |}{col 17}{res}{space 2} .2478182{col 29}{space 2} .0704598{col 40}{space 1}    3.52{col 49}{space 3}0.000{col 57}{space 4} .1096348{col 70}{space 3} .3860016
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       49{col 27}{space 1}        0{col 39}{result}{space 1}       49{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est4{txt} stored)

{com}. 
. *************************
. *CEO Disapproval
. *************************
. eststo: xi: reghdfe gd_ceodis_diff_365 interact_q5 pr_quint_5 interact_q1 pr_quint_1 gd_ceodis_pre_365 labor_exp size mtb roa io cash lev salesg_w tsr union rd interact2-interact11 interact15 if sample_yr==1, noabsorb
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     2,006
{txt}Absorbing 1 HDFE group{col 51}F({res}  27{txt},{res}   1978{txt}){col 67}= {res}     28.32
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.2788
{txt}{col 51}Adj R-squared{col 67}= {res}    0.2689
{txt}{col 51}Within R-sq.{col 67}= {res}    0.2788
{txt}{col 51}Root MSE{col 67}= {res}    0.0816

{txt}{hline 18}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_ceodis_dif~365{col 19}{c |}      Coef.{col 31}   Std. Err.{col 43}      t{col 51}   P>|t|{col 59}     [95% Con{col 72}f. Interval]
{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}interact_q5 {c |}{col 19}{res}{space 2} .0088568{col 31}{space 2} .0151321{col 42}{space 1}    0.59{col 51}{space 3}0.558{col 59}{space 4}-.0208198{col 72}{space 3} .0385334
{txt}{space 7}pr_quint_5 {c |}{col 19}{res}{space 2} .0182047{col 31}{space 2} .0050782{col 42}{space 1}    3.58{col 51}{space 3}0.000{col 59}{space 4} .0082454{col 72}{space 3} .0281639
{txt}{space 6}interact_q1 {c |}{col 19}{res}{space 2}-.0097036{col 31}{space 2} .0138228{col 42}{space 1}   -0.70{col 51}{space 3}0.483{col 59}{space 4}-.0368125{col 72}{space 3} .0174052
{txt}{space 7}pr_quint_1 {c |}{col 19}{res}{space 2}-.0001771{col 31}{space 2} .0070703{col 42}{space 1}   -0.03{col 51}{space 3}0.980{col 59}{space 4}-.0140431{col 72}{space 3} .0136888
{txt}gd_ceodis_pre_365 {c |}{col 19}{res}{space 2}-.4844927{col 31}{space 2}  .018847{col 42}{space 1}  -25.71{col 51}{space 3}0.000{col 59}{space 4}-.5214548{col 72}{space 3}-.4475307
{txt}{space 8}labor_exp {c |}{col 19}{res}{space 2} .0012249{col 31}{space 2} .0353179{col 42}{space 1}    0.03{col 51}{space 3}0.972{col 59}{space 4}-.0680394{col 72}{space 3} .0704891
{txt}{space 13}size {c |}{col 19}{res}{space 2} .0001125{col 31}{space 2} .0014609{col 42}{space 1}    0.08{col 51}{space 3}0.939{col 59}{space 4}-.0027525{col 72}{space 3} .0029775
{txt}{space 14}mtb {c |}{col 19}{res}{space 2}-.0000352{col 31}{space 2} .0015087{col 42}{space 1}   -0.02{col 51}{space 3}0.981{col 59}{space 4}-.0029941{col 72}{space 3} .0029236
{txt}{space 14}roa {c |}{col 19}{res}{space 2}-.0270977{col 31}{space 2}  .020745{col 42}{space 1}   -1.31{col 51}{space 3}0.192{col 59}{space 4}-.0677821{col 72}{space 3} .0135867
{txt}{space 15}io {c |}{col 19}{res}{space 2}-.0113981{col 31}{space 2} .0091985{col 42}{space 1}   -1.24{col 51}{space 3}0.215{col 59}{space 4} -.029438{col 72}{space 3} .0066417
{txt}{space 13}cash {c |}{col 19}{res}{space 2} .0153082{col 31}{space 2} .0156128{col 42}{space 1}    0.98{col 51}{space 3}0.327{col 59}{space 4}-.0153112{col 72}{space 3} .0459275
{txt}{space 14}lev {c |}{col 19}{res}{space 2} .0027708{col 31}{space 2} .0089662{col 42}{space 1}    0.31{col 51}{space 3}0.757{col 59}{space 4}-.0148134{col 72}{space 3}  .020355
{txt}{space 9}salesg_w {c |}{col 19}{res}{space 2}-.0063178{col 31}{space 2}  .006826{col 42}{space 1}   -0.93{col 51}{space 3}0.355{col 59}{space 4}-.0197047{col 72}{space 3} .0070692
{txt}{space 14}tsr {c |}{col 19}{res}{space 2}-.0048824{col 31}{space 2} .0046649{col 42}{space 1}   -1.05{col 51}{space 3}0.295{col 59}{space 4} -.014031{col 72}{space 3} .0042662
{txt}{space 12}union {c |}{col 19}{res}{space 2} .0019135{col 31}{space 2} .0043252{col 42}{space 1}    0.44{col 51}{space 3}0.658{col 59}{space 4} -.006569{col 72}{space 3}  .010396
{txt}{space 15}rd {c |}{col 19}{res}{space 2} .0060652{col 31}{space 2} .0371649{col 42}{space 1}    0.16{col 51}{space 3}0.870{col 59}{space 4}-.0668213{col 72}{space 3} .0789517
{txt}{space 8}interact2 {c |}{col 19}{res}{space 2}-.0019477{col 31}{space 2} .0033464{col 42}{space 1}   -0.58{col 51}{space 3}0.561{col 59}{space 4}-.0085105{col 72}{space 3}  .004615
{txt}{space 8}interact3 {c |}{col 19}{res}{space 2} .0160191{col 31}{space 2} .0130545{col 42}{space 1}    1.23{col 51}{space 3}0.220{col 59}{space 4}-.0095828{col 72}{space 3} .0416211
{txt}{space 8}interact4 {c |}{col 19}{res}{space 2}-.0024375{col 31}{space 2} .0045629{col 42}{space 1}   -0.53{col 51}{space 3}0.593{col 59}{space 4}-.0113862{col 72}{space 3} .0065111
{txt}{space 8}interact5 {c |}{col 19}{res}{space 2}-.0052555{col 31}{space 2}  .060789{col 42}{space 1}   -0.09{col 51}{space 3}0.931{col 59}{space 4}-.1244727{col 72}{space 3} .1139617
{txt}{space 8}interact6 {c |}{col 19}{res}{space 2} .0091878{col 31}{space 2} .0224008{col 42}{space 1}    0.41{col 51}{space 3}0.682{col 59}{space 4}-.0347439{col 72}{space 3} .0531195
{txt}{space 8}interact7 {c |}{col 19}{res}{space 2} .0141873{col 31}{space 2} .1577244{col 42}{space 1}    0.09{col 51}{space 3}0.928{col 59}{space 4}-.2951361{col 72}{space 3} .3235108
{txt}{space 8}interact8 {c |}{col 19}{res}{space 2}-.0286901{col 31}{space 2} .0387656{col 42}{space 1}   -0.74{col 51}{space 3}0.459{col 59}{space 4}-.1047159{col 72}{space 3} .0473357
{txt}{space 8}interact9 {c |}{col 19}{res}{space 2} .0221813{col 31}{space 2}  .023516{col 42}{space 1}    0.94{col 51}{space 3}0.346{col 59}{space 4}-.0239375{col 72}{space 3} .0683001
{txt}{space 7}interact10 {c |}{col 19}{res}{space 2} .0213352{col 31}{space 2} .0230522{col 42}{space 1}    0.93{col 51}{space 3}0.355{col 59}{space 4} -.023874{col 72}{space 3} .0665444
{txt}{space 7}interact11 {c |}{col 19}{res}{space 2} .0121665{col 31}{space 2} .0162154{col 42}{space 1}    0.75{col 51}{space 3}0.453{col 59}{space 4}-.0196347{col 72}{space 3} .0439676
{txt}{space 7}interact15 {c |}{col 19}{res}{space 2} .0571458{col 31}{space 2} .0537618{col 42}{space 1}    1.06{col 51}{space 3}0.288{col 59}{space 4}-.0482899{col 72}{space 3} .1625814
{txt}{space 12}_cons {c |}{col 19}{res}{space 2}  .025408{col 31}{space 2} .0146507{col 42}{space 1}    1.73{col 51}{space 3}0.083{col 59}{space 4}-.0033244{col 72}{space 3} .0541403
{txt}{hline 18}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
({res}est5{txt} stored)

{com}. eststo: xi: reghdfe gd_ceodis_diff_365 interact_q5 pr_quint_5 interact_q1 pr_quint_1 gd_ceodis_pre_365 labor_exp size mtb roa io cash lev salesg_w tsr union rd interact2-interact11 interact15 if sample_yr==1, absorb(ffi49) 
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     2,006
{txt}Absorbing 1 HDFE group{col 51}F({res}  27{txt},{res}   1930{txt}){col 67}= {res}     27.92
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.2942
{txt}{col 51}Adj R-squared{col 67}= {res}    0.2668
{txt}{col 51}Within R-sq.{col 67}= {res}    0.2809
{txt}{col 51}Root MSE{col 67}= {res}    0.0817

{txt}{hline 18}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_ceodis_dif~365{col 19}{c |}      Coef.{col 31}   Std. Err.{col 43}      t{col 51}   P>|t|{col 59}     [95% Con{col 72}f. Interval]
{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}interact_q5 {c |}{col 19}{res}{space 2} .0108491{col 31}{space 2} .0158477{col 42}{space 1}    0.68{col 51}{space 3}0.494{col 59}{space 4}-.0202313{col 72}{space 3} .0419295
{txt}{space 7}pr_quint_5 {c |}{col 19}{res}{space 2} .0184614{col 31}{space 2} .0057158{col 42}{space 1}    3.23{col 51}{space 3}0.001{col 59}{space 4} .0072516{col 72}{space 3} .0296713
{txt}{space 6}interact_q1 {c |}{col 19}{res}{space 2}-.0097678{col 31}{space 2} .0141731{col 42}{space 1}   -0.69{col 51}{space 3}0.491{col 59}{space 4}-.0375641{col 72}{space 3} .0180285
{txt}{space 7}pr_quint_1 {c |}{col 19}{res}{space 2}-.0004644{col 31}{space 2} .0071753{col 42}{space 1}   -0.06{col 51}{space 3}0.948{col 59}{space 4}-.0145365{col 72}{space 3} .0136077
{txt}gd_ceodis_pre_365 {c |}{col 19}{res}{space 2}-.4954587{col 31}{space 2} .0193775{col 42}{space 1}  -25.57{col 51}{space 3}0.000{col 59}{space 4}-.5334618{col 72}{space 3}-.4574556
{txt}{space 8}labor_exp {c |}{col 19}{res}{space 2} .0045326{col 31}{space 2} .0360271{col 42}{space 1}    0.13{col 51}{space 3}0.900{col 59}{space 4}-.0661236{col 72}{space 3} .0751888
{txt}{space 13}size {c |}{col 19}{res}{space 2}-.0002064{col 31}{space 2}  .001636{col 42}{space 1}   -0.13{col 51}{space 3}0.900{col 59}{space 4}-.0034149{col 72}{space 3} .0030022
{txt}{space 14}mtb {c |}{col 19}{res}{space 2}-.0008449{col 31}{space 2}  .001585{col 42}{space 1}   -0.53{col 51}{space 3}0.594{col 59}{space 4}-.0039533{col 72}{space 3} .0022635
{txt}{space 14}roa {c |}{col 19}{res}{space 2}-.0216809{col 31}{space 2} .0218201{col 42}{space 1}   -0.99{col 51}{space 3}0.321{col 59}{space 4}-.0644743{col 72}{space 3} .0211125
{txt}{space 15}io {c |}{col 19}{res}{space 2}-.0104526{col 31}{space 2} .0094386{col 42}{space 1}   -1.11{col 51}{space 3}0.268{col 59}{space 4}-.0289635{col 72}{space 3} .0080584
{txt}{space 13}cash {c |}{col 19}{res}{space 2} .0156277{col 31}{space 2} .0163315{col 42}{space 1}    0.96{col 51}{space 3}0.339{col 59}{space 4}-.0164016{col 72}{space 3} .0476569
{txt}{space 14}lev {c |}{col 19}{res}{space 2} .0026068{col 31}{space 2}  .009641{col 42}{space 1}    0.27{col 51}{space 3}0.787{col 59}{space 4}-.0163011{col 72}{space 3} .0215147
{txt}{space 9}salesg_w {c |}{col 19}{res}{space 2}-.0088305{col 31}{space 2} .0070451{col 42}{space 1}   -1.25{col 51}{space 3}0.210{col 59}{space 4}-.0226474{col 72}{space 3} .0049863
{txt}{space 14}tsr {c |}{col 19}{res}{space 2}-.0024696{col 31}{space 2} .0047758{col 42}{space 1}   -0.52{col 51}{space 3}0.605{col 59}{space 4} -.011836{col 72}{space 3} .0068967
{txt}{space 12}union {c |}{col 19}{res}{space 2} .0037138{col 31}{space 2}  .004968{col 42}{space 1}    0.75{col 51}{space 3}0.455{col 59}{space 4}-.0060294{col 72}{space 3}  .013457
{txt}{space 15}rd {c |}{col 19}{res}{space 2} .0119945{col 31}{space 2} .0409886{col 42}{space 1}    0.29{col 51}{space 3}0.770{col 59}{space 4}-.0683921{col 72}{space 3} .0923811
{txt}{space 8}interact2 {c |}{col 19}{res}{space 2}-.0012708{col 31}{space 2} .0035953{col 42}{space 1}   -0.35{col 51}{space 3}0.724{col 59}{space 4}-.0083219{col 72}{space 3} .0057804
{txt}{space 8}interact3 {c |}{col 19}{res}{space 2} .0075051{col 31}{space 2} .0146174{col 42}{space 1}    0.51{col 51}{space 3}0.608{col 59}{space 4}-.0211626{col 72}{space 3} .0361727
{txt}{space 8}interact4 {c |}{col 19}{res}{space 2}-.0012548{col 31}{space 2} .0046549{col 42}{space 1}   -0.27{col 51}{space 3}0.788{col 59}{space 4}-.0103839{col 72}{space 3} .0078744
{txt}{space 8}interact5 {c |}{col 19}{res}{space 2}-.0141214{col 31}{space 2} .0622276{col 42}{space 1}   -0.23{col 51}{space 3}0.821{col 59}{space 4}-.1361618{col 72}{space 3} .1079191
{txt}{space 8}interact6 {c |}{col 19}{res}{space 2} .0061979{col 31}{space 2}  .022808{col 42}{space 1}    0.27{col 51}{space 3}0.786{col 59}{space 4}-.0385331{col 72}{space 3} .0509289
{txt}{space 8}interact7 {c |}{col 19}{res}{space 2} -.018435{col 31}{space 2} .1592006{col 42}{space 1}   -0.12{col 51}{space 3}0.908{col 59}{space 4}-.3306582{col 72}{space 3} .2937882
{txt}{space 8}interact8 {c |}{col 19}{res}{space 2} -.034091{col 31}{space 2} .0416755{col 42}{space 1}   -0.82{col 51}{space 3}0.413{col 59}{space 4}-.1158248{col 72}{space 3} .0476428
{txt}{space 8}interact9 {c |}{col 19}{res}{space 2}  .022293{col 31}{space 2} .0241603{col 42}{space 1}    0.92{col 51}{space 3}0.356{col 59}{space 4}  -.02509{col 72}{space 3} .0696759
{txt}{space 7}interact10 {c |}{col 19}{res}{space 2} .0213405{col 31}{space 2} .0233314{col 42}{space 1}    0.91{col 51}{space 3}0.360{col 59}{space 4}-.0244168{col 72}{space 3} .0670978
{txt}{space 7}interact11 {c |}{col 19}{res}{space 2} .0110781{col 31}{space 2} .0165987{col 42}{space 1}    0.67{col 51}{space 3}0.505{col 59}{space 4}-.0214751{col 72}{space 3} .0436313
{txt}{space 7}interact15 {c |}{col 19}{res}{space 2}  .057121{col 31}{space 2} .0542943{col 42}{space 1}    1.05{col 51}{space 3}0.293{col 59}{space 4}-.0493607{col 72}{space 3} .1636026
{txt}{space 12}_cons {c |}{col 19}{res}{space 2} .0269617{col 31}{space 2} .0155222{col 42}{space 1}    1.74{col 51}{space 3}0.083{col 59}{space 4}-.0034803{col 72}{space 3} .0574038
{txt}{hline 18}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       49{col 27}{space 1}        0{col 39}{result}{space 1}       49{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est6{txt} stored)

{com}. 
. esttab using "Output/Tables/RF/T7_emp_laborexp_contrast.csv", b(3) ar2 title("Contrast employees labor expense") varwidth(25) order(interact_q5 interact_q1 labor_exp pr_quint_5 pr_quint_1 gd_pay_pre_365 ln_prod_pre_365 gd_ceodis_pre_365) star(* 0.10 ** 0.05  *** 0.01 ) replace
{res}{txt}(output written to {browse  `"Output/Tables/RF/T7_emp_laborexp_contrast.csv"'})

{com}. 
. ************************************************
. ************************************************
. *PANEL B - SURPRISE
. ************************************************
. ************************************************        
.         
. *************************
. *Pay rating
. *************************
. est clear
{txt}
{com}. eststo: xi: reghdfe gd_pay_diff_365 interact_upr ln_upr interact_epr ln_epr gd_pay_pre_365 labor_exp size mtb roa io cash lev salesg_w tsr union rd interact2-interact11 interact12 if sample_yr==1, noabsorb
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     1,852
{txt}Absorbing 1 HDFE group{col 51}F({res}  27{txt},{res}   1824{txt}){col 67}= {res}     28.18
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.2943
{txt}{col 51}Adj R-squared{col 67}= {res}    0.2839
{txt}{col 51}Within R-sq.{col 67}= {res}    0.2943
{txt}{col 51}Root MSE{col 67}= {res}    0.5414

{txt}{hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_pay_dif~365{col 16}{c |}      Coef.{col 28}   Std. Err.{col 40}      t{col 48}   P>|t|{col 56}     [95% Con{col 69}f. Interval]
{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}interact_upr {c |}{col 16}{res}{space 2} -.013997{col 28}{space 2} .0516094{col 39}{space 1}   -0.27{col 48}{space 3}0.786{col 56}{space 4}-.1152167{col 69}{space 3} .0872228
{txt}{space 8}ln_upr {c |}{col 16}{res}{space 2}-.0598002{col 28}{space 2} .0164882{col 39}{space 1}   -3.63{col 48}{space 3}0.000{col 56}{space 4}-.0921381{col 69}{space 3}-.0274624
{txt}{space 2}interact_epr {c |}{col 16}{res}{space 2} .0864706{col 28}{space 2} .0670846{col 39}{space 1}    1.29{col 48}{space 3}0.198{col 56}{space 4}-.0451002{col 69}{space 3} .2180413
{txt}{space 8}ln_epr {c |}{col 16}{res}{space 2}-.1653117{col 28}{space 2} .0273642{col 39}{space 1}   -6.04{col 48}{space 3}0.000{col 56}{space 4}-.2189801{col 69}{space 3}-.1116433
{txt}gd_pay_pre_365 {c |}{col 16}{res}{space 2}-.5760752{col 28}{space 2} .0244791{col 39}{space 1}  -23.53{col 48}{space 3}0.000{col 56}{space 4}-.6240853{col 69}{space 3}-.5280652
{txt}{space 5}labor_exp {c |}{col 16}{res}{space 2} .0023659{col 28}{space 2} .2708845{col 39}{space 1}    0.01{col 48}{space 3}0.993{col 56}{space 4}-.5289105{col 69}{space 3} .5336422
{txt}{space 10}size {c |}{col 16}{res}{space 2} .1039013{col 28}{space 2} .0131314{col 39}{space 1}    7.91{col 48}{space 3}0.000{col 56}{space 4} .0781471{col 69}{space 3} .1296555
{txt}{space 11}mtb {c |}{col 16}{res}{space 2} .0100264{col 28}{space 2} .0102655{col 39}{space 1}    0.98{col 48}{space 3}0.329{col 56}{space 4}-.0101069{col 69}{space 3} .0301597
{txt}{space 11}roa {c |}{col 16}{res}{space 2} .1188588{col 28}{space 2} .1423933{col 39}{space 1}    0.83{col 48}{space 3}0.404{col 56}{space 4}-.1604124{col 69}{space 3} .3981299
{txt}{space 12}io {c |}{col 16}{res}{space 2} .1708755{col 28}{space 2} .0664289{col 39}{space 1}    2.57{col 48}{space 3}0.010{col 56}{space 4} .0405907{col 69}{space 3} .3011603
{txt}{space 10}cash {c |}{col 16}{res}{space 2} .1355088{col 28}{space 2} .1064017{col 39}{space 1}    1.27{col 48}{space 3}0.203{col 56}{space 4}-.0731731{col 69}{space 3} .3441907
{txt}{space 11}lev {c |}{col 16}{res}{space 2}-.0355729{col 28}{space 2} .0612241{col 39}{space 1}   -0.58{col 48}{space 3}0.561{col 56}{space 4}-.1556496{col 69}{space 3} .0845038
{txt}{space 6}salesg_w {c |}{col 16}{res}{space 2} .0215838{col 28}{space 2} .0481142{col 39}{space 1}    0.45{col 48}{space 3}0.654{col 56}{space 4}-.0727809{col 69}{space 3} .1159485
{txt}{space 11}tsr {c |}{col 16}{res}{space 2} .0260161{col 28}{space 2} .0330641{col 39}{space 1}    0.79{col 48}{space 3}0.431{col 56}{space 4}-.0388313{col 69}{space 3} .0908635
{txt}{space 9}union {c |}{col 16}{res}{space 2} .0290858{col 28}{space 2} .0301114{col 39}{space 1}    0.97{col 48}{space 3}0.334{col 56}{space 4}-.0299707{col 69}{space 3} .0881422
{txt}{space 12}rd {c |}{col 16}{res}{space 2} .4264493{col 28}{space 2} .2560404{col 39}{space 1}    1.67{col 48}{space 3}0.096{col 56}{space 4}-.0757138{col 69}{space 3} .9286125
{txt}{space 5}interact2 {c |}{col 16}{res}{space 2}-.0328392{col 28}{space 2}  .027882{col 39}{space 1}   -1.18{col 48}{space 3}0.239{col 56}{space 4}-.0875232{col 69}{space 3} .0218447
{txt}{space 5}interact3 {c |}{col 16}{res}{space 2} .0141433{col 28}{space 2} .0957345{col 39}{space 1}    0.15{col 48}{space 3}0.883{col 56}{space 4}-.1736174{col 69}{space 3} .2019041
{txt}{space 5}interact4 {c |}{col 16}{res}{space 2} .0203526{col 28}{space 2} .0329525{col 39}{space 1}    0.62{col 48}{space 3}0.537{col 56}{space 4} -.044276{col 69}{space 3} .0849812
{txt}{space 5}interact5 {c |}{col 16}{res}{space 2} .2793791{col 28}{space 2} .5320613{col 39}{space 1}    0.53{col 48}{space 3}0.600{col 56}{space 4}-.7641343{col 69}{space 3} 1.322892
{txt}{space 5}interact6 {c |}{col 16}{res}{space 2}-.2621246{col 28}{space 2} .1582324{col 39}{space 1}   -1.66{col 48}{space 3}0.098{col 56}{space 4}-.5724604{col 69}{space 3} .0482111
{txt}{space 5}interact7 {c |}{col 16}{res}{space 2}-.0143242{col 28}{space 2} 1.131405{col 39}{space 1}   -0.01{col 48}{space 3}0.990{col 56}{space 4} -2.23331{col 69}{space 3} 2.204662
{txt}{space 5}interact8 {c |}{col 16}{res}{space 2} .0530007{col 28}{space 2} .2674669{col 39}{space 1}    0.20{col 48}{space 3}0.843{col 56}{space 4}-.4715728{col 69}{space 3} .5775742
{txt}{space 5}interact9 {c |}{col 16}{res}{space 2} .2133646{col 28}{space 2} .1615172{col 39}{space 1}    1.32{col 48}{space 3}0.187{col 56}{space 4}-.1034135{col 69}{space 3} .5301426
{txt}{space 4}interact10 {c |}{col 16}{res}{space 2} .1362003{col 28}{space 2} .1556855{col 39}{space 1}    0.87{col 48}{space 3}0.382{col 56}{space 4}-.1691403{col 69}{space 3}  .441541
{txt}{space 4}interact11 {c |}{col 16}{res}{space 2}-.0253777{col 28}{space 2} .1140593{col 39}{space 1}   -0.22{col 48}{space 3}0.824{col 56}{space 4}-.2490784{col 69}{space 3} .1983229
{txt}{space 4}interact12 {c |}{col 16}{res}{space 2}-.0444833{col 28}{space 2} .0529105{col 39}{space 1}   -0.84{col 48}{space 3}0.401{col 56}{space 4}-.1482548{col 69}{space 3} .0592883
{txt}{space 9}_cons {c |}{col 16}{res}{space 2} 1.691155{col 28}{space 2} .1296836{col 39}{space 1}   13.04{col 48}{space 3}0.000{col 56}{space 4} 1.436811{col 69}{space 3} 1.945499
{txt}{hline 15}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
({res}est1{txt} stored)

{com}. eststo: xi: reghdfe gd_pay_diff_365 interact_upr ln_upr interact_epr ln_epr gd_pay_pre_365 labor_exp size mtb roa io cash lev salesg_w tsr union rd interact2-interact11 interact12 if sample_yr==1, absorb(ffi49) 
{res}{txt}(dropped 2 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     1,850
{txt}Absorbing 1 HDFE group{col 51}F({res}  27{txt},{res}   1776{txt}){col 67}= {res}     29.33
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.3200
{txt}{col 51}Adj R-squared{col 67}= {res}    0.2920
{txt}{col 51}Within R-sq.{col 67}= {res}    0.3084
{txt}{col 51}Root MSE{col 67}= {res}    0.5383

{txt}{hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_pay_dif~365{col 16}{c |}      Coef.{col 28}   Std. Err.{col 40}      t{col 48}   P>|t|{col 56}     [95% Con{col 69}f. Interval]
{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}interact_upr {c |}{col 16}{res}{space 2}-.0134916{col 28}{space 2} .0522928{col 39}{space 1}   -0.26{col 48}{space 3}0.796{col 56}{space 4}-.1160536{col 69}{space 3} .0890704
{txt}{space 8}ln_upr {c |}{col 16}{res}{space 2}-.0587124{col 28}{space 2} .0165103{col 39}{space 1}   -3.56{col 48}{space 3}0.000{col 56}{space 4} -.091094{col 69}{space 3}-.0263308
{txt}{space 2}interact_epr {c |}{col 16}{res}{space 2}-.0657374{col 28}{space 2} .0837488{col 39}{space 1}   -0.78{col 48}{space 3}0.433{col 56}{space 4} -.229994{col 69}{space 3} .0985192
{txt}{space 8}ln_epr {c |}{col 16}{res}{space 2} .0022796{col 28}{space 2} .0658769{col 39}{space 1}    0.03{col 48}{space 3}0.972{col 56}{space 4}-.1269249{col 69}{space 3} .1314841
{txt}gd_pay_pre_365 {c |}{col 16}{res}{space 2} -.603736{col 28}{space 2} .0252688{col 39}{space 1}  -23.89{col 48}{space 3}0.000{col 56}{space 4}-.6532956{col 69}{space 3}-.5541764
{txt}{space 5}labor_exp {c |}{col 16}{res}{space 2} .2947238{col 28}{space 2} .2938475{col 39}{space 1}    1.00{col 48}{space 3}0.316{col 56}{space 4}-.2815995{col 69}{space 3} .8710471
{txt}{space 10}size {c |}{col 16}{res}{space 2} .0483612{col 28}{space 2} .0269766{col 39}{space 1}    1.79{col 48}{space 3}0.073{col 56}{space 4} -.004548{col 69}{space 3} .1012704
{txt}{space 11}mtb {c |}{col 16}{res}{space 2} .0048764{col 28}{space 2} .0107294{col 39}{space 1}    0.45{col 48}{space 3}0.650{col 56}{space 4}-.0161673{col 69}{space 3}   .02592
{txt}{space 11}roa {c |}{col 16}{res}{space 2} .0905291{col 28}{space 2} .1480566{col 39}{space 1}    0.61{col 48}{space 3}0.541{col 56}{space 4}-.1998543{col 69}{space 3} .3809126
{txt}{space 12}io {c |}{col 16}{res}{space 2} .1706841{col 28}{space 2} .0683217{col 39}{space 1}    2.50{col 48}{space 3}0.013{col 56}{space 4} .0366847{col 69}{space 3} .3046835
{txt}{space 10}cash {c |}{col 16}{res}{space 2} .1999386{col 28}{space 2} .1119569{col 39}{space 1}    1.79{col 48}{space 3}0.074{col 56}{space 4}-.0196425{col 69}{space 3} .4195196
{txt}{space 11}lev {c |}{col 16}{res}{space 2}-.0821302{col 28}{space 2} .0655731{col 39}{space 1}   -1.25{col 48}{space 3}0.211{col 56}{space 4}-.2107388{col 69}{space 3} .0464784
{txt}{space 6}salesg_w {c |}{col 16}{res}{space 2} .0161532{col 28}{space 2} .0500739{col 39}{space 1}    0.32{col 48}{space 3}0.747{col 56}{space 4}-.0820568{col 69}{space 3} .1143632
{txt}{space 11}tsr {c |}{col 16}{res}{space 2} .0295936{col 28}{space 2} .0336577{col 39}{space 1}    0.88{col 48}{space 3}0.379{col 56}{space 4}-.0364193{col 69}{space 3} .0956066
{txt}{space 9}union {c |}{col 16}{res}{space 2}-.0408769{col 28}{space 2} .0342555{col 39}{space 1}   -1.19{col 48}{space 3}0.233{col 56}{space 4}-.1080622{col 69}{space 3} .0263085
{txt}{space 12}rd {c |}{col 16}{res}{space 2} .4504164{col 28}{space 2} .2829569{col 39}{space 1}    1.59{col 48}{space 3}0.112{col 56}{space 4}-.1045471{col 69}{space 3}  1.00538
{txt}{space 5}interact2 {c |}{col 16}{res}{space 2}  .017486{col 28}{space 2} .0339543{col 39}{space 1}    0.51{col 48}{space 3}0.607{col 56}{space 4}-.0491085{col 69}{space 3} .0840805
{txt}{space 5}interact3 {c |}{col 16}{res}{space 2} .0424163{col 28}{space 2} .1032769{col 39}{space 1}    0.41{col 48}{space 3}0.681{col 56}{space 4}-.1601407{col 69}{space 3} .2449734
{txt}{space 5}interact4 {c |}{col 16}{res}{space 2} .0191356{col 28}{space 2} .0330748{col 39}{space 1}    0.58{col 48}{space 3}0.563{col 56}{space 4} -.045734{col 69}{space 3} .0840051
{txt}{space 5}interact5 {c |}{col 16}{res}{space 2} .2711249{col 28}{space 2}  .536741{col 39}{space 1}    0.51{col 48}{space 3}0.614{col 56}{space 4}-.7815855{col 69}{space 3} 1.323835
{txt}{space 5}interact6 {c |}{col 16}{res}{space 2}-.2479278{col 28}{space 2} .1595547{col 39}{space 1}   -1.55{col 48}{space 3}0.120{col 56}{space 4}-.5608626{col 69}{space 3}  .065007
{txt}{space 5}interact7 {c |}{col 16}{res}{space 2}-.0669864{col 28}{space 2} 1.130631{col 39}{space 1}   -0.06{col 48}{space 3}0.953{col 56}{space 4}-2.284494{col 69}{space 3} 2.150522
{txt}{space 5}interact8 {c |}{col 16}{res}{space 2}-.1805542{col 28}{space 2} .2894355{col 39}{space 1}   -0.62{col 48}{space 3}0.533{col 56}{space 4}-.7482242{col 69}{space 3} .3871157
{txt}{space 5}interact9 {c |}{col 16}{res}{space 2} .2932323{col 28}{space 2} .1645492{col 39}{space 1}    1.78{col 48}{space 3}0.075{col 56}{space 4}-.0294981{col 69}{space 3} .6159627
{txt}{space 4}interact10 {c |}{col 16}{res}{space 2} .1098835{col 28}{space 2} .1570602{col 39}{space 1}    0.70{col 48}{space 3}0.484{col 56}{space 4}-.1981588{col 69}{space 3} .4179258
{txt}{space 4}interact11 {c |}{col 16}{res}{space 2}-.0786975{col 28}{space 2} .1154895{col 39}{space 1}   -0.68{col 48}{space 3}0.496{col 56}{space 4}-.3052071{col 69}{space 3} .1478121
{txt}{space 4}interact12 {c |}{col 16}{res}{space 2}-.0352672{col 28}{space 2} .0531573{col 39}{space 1}   -0.66{col 48}{space 3}0.507{col 56}{space 4}-.1395247{col 69}{space 3} .0689903
{txt}{space 9}_cons {c |}{col 16}{res}{space 2} 1.515511{col 28}{space 2} .1521794{col 39}{space 1}    9.96{col 48}{space 3}0.000{col 56}{space 4} 1.217042{col 69}{space 3} 1.813981
{txt}{hline 15}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       47{col 27}{space 1}        0{col 39}{result}{space 1}       47{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est2{txt} stored)

{com}. 
. *************************
. *Productivity
. *************************
. eststo: xi: reghdfe ln_prod_diff interact_upr ln_upr interact_epr ln_epr ln_prod_pre_365 labor_exp size mtb roa io cash lev salesg_w tsr union rd fixed_assets interact2-interact11 interact13 interact14 if sample_yr==1, noabsorb
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     1,921
{txt}Absorbing 1 HDFE group{col 51}F({res}  29{txt},{res}   1891{txt}){col 67}= {res}      6.97
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.0966
{txt}{col 51}Adj R-squared{col 67}= {res}    0.0827
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0966
{txt}{col 51}Root MSE{col 67}= {res}    0.2804

{txt}{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}   ln_prod_diff{col 17}{c |}      Coef.{col 29}   Std. Err.{col 41}      t{col 49}   P>|t|{col 57}     [95% Con{col 70}f. Interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 3}interact_upr {c |}{col 17}{res}{space 2} .0208121{col 29}{space 2}   .02595{col 40}{space 1}    0.80{col 49}{space 3}0.423{col 57}{space 4}-.0300816{col 70}{space 3} .0717057
{txt}{space 9}ln_upr {c |}{col 17}{res}{space 2}-.0137657{col 29}{space 2} .0086899{col 40}{space 1}   -1.58{col 49}{space 3}0.113{col 57}{space 4}-.0308085{col 70}{space 3} .0032771
{txt}{space 3}interact_epr {c |}{col 17}{res}{space 2} .0188052{col 29}{space 2} .0401096{col 40}{space 1}    0.47{col 49}{space 3}0.639{col 57}{space 4}-.0598584{col 70}{space 3} .0974689
{txt}{space 9}ln_epr {c |}{col 17}{res}{space 2}-.0369026{col 29}{space 2} .0155933{col 40}{space 1}   -2.37{col 49}{space 3}0.018{col 57}{space 4}-.0674844{col 70}{space 3}-.0063208
{txt}ln_prod_pre_365 {c |}{col 17}{res}{space 2}-.0591192{col 29}{space 2} .0095798{col 40}{space 1}   -6.17{col 49}{space 3}0.000{col 57}{space 4}-.0779072{col 70}{space 3}-.0403312
{txt}{space 6}labor_exp {c |}{col 17}{res}{space 2} .1867496{col 29}{space 2} .1615078{col 40}{space 1}    1.16{col 49}{space 3}0.248{col 57}{space 4}-.1300027{col 70}{space 3} .5035019
{txt}{space 11}size {c |}{col 17}{res}{space 2} .0268936{col 29}{space 2} .0075865{col 40}{space 1}    3.54{col 49}{space 3}0.000{col 57}{space 4}  .012015{col 70}{space 3} .0417723
{txt}{space 12}mtb {c |}{col 17}{res}{space 2}-.0147037{col 29}{space 2}  .004365{col 40}{space 1}   -3.37{col 49}{space 3}0.001{col 57}{space 4}-.0232645{col 70}{space 3} -.006143
{txt}{space 12}roa {c |}{col 17}{res}{space 2} .0820906{col 29}{space 2} .0621736{col 40}{space 1}    1.32{col 49}{space 3}0.187{col 57}{space 4}-.0398455{col 70}{space 3} .2040266
{txt}{space 13}io {c |}{col 17}{res}{space 2} .1466766{col 29}{space 2} .0316363{col 40}{space 1}    4.64{col 49}{space 3}0.000{col 57}{space 4} .0846308{col 70}{space 3} .2087224
{txt}{space 11}cash {c |}{col 17}{res}{space 2}-.0502579{col 29}{space 2} .0527517{col 40}{space 1}   -0.95{col 49}{space 3}0.341{col 57}{space 4}-.1537156{col 70}{space 3} .0531998
{txt}{space 12}lev {c |}{col 17}{res}{space 2} .0106119{col 29}{space 2} .0304899{col 40}{space 1}    0.35{col 49}{space 3}0.728{col 57}{space 4}-.0491854{col 70}{space 3} .0704093
{txt}{space 7}salesg_w {c |}{col 17}{res}{space 2} .0404038{col 29}{space 2} .0235367{col 40}{space 1}    1.72{col 49}{space 3}0.086{col 57}{space 4}-.0057569{col 70}{space 3} .0865645
{txt}{space 12}tsr {c |}{col 17}{res}{space 2} .0437907{col 29}{space 2} .0160451{col 40}{space 1}    2.73{col 49}{space 3}0.006{col 57}{space 4} .0123227{col 70}{space 3} .0752586
{txt}{space 10}union {c |}{col 17}{res}{space 2}-.0384125{col 29}{space 2} .0158147{col 40}{space 1}   -2.43{col 49}{space 3}0.015{col 57}{space 4}-.0694286{col 70}{space 3}-.0073964
{txt}{space 13}rd {c |}{col 17}{res}{space 2} .1474523{col 29}{space 2} .1190996{col 40}{space 1}    1.24{col 49}{space 3}0.216{col 57}{space 4}-.0861283{col 70}{space 3} .3810328
{txt}{space 3}fixed_assets {c |}{col 17}{res}{space 2} .1489687{col 29}{space 2} .0325061{col 40}{space 1}    4.58{col 49}{space 3}0.000{col 57}{space 4} .0852171{col 70}{space 3} .2127203
{txt}{space 6}interact2 {c |}{col 17}{res}{space 2}-.0145715{col 29}{space 2} .0170957{col 40}{space 1}   -0.85{col 49}{space 3}0.394{col 57}{space 4}   -.0481{col 70}{space 3}  .018957
{txt}{space 6}interact3 {c |}{col 17}{res}{space 2} .0912592{col 29}{space 2} .0522754{col 40}{space 1}    1.75{col 49}{space 3}0.081{col 57}{space 4}-.0112642{col 70}{space 3} .1937826
{txt}{space 6}interact4 {c |}{col 17}{res}{space 2} .0473821{col 29}{space 2}    .0161{col 40}{space 1}    2.94{col 49}{space 3}0.003{col 57}{space 4} .0158064{col 70}{space 3} .0789578
{txt}{space 6}interact5 {c |}{col 17}{res}{space 2}-.3768463{col 29}{space 2} .2259335{col 40}{space 1}   -1.67{col 49}{space 3}0.095{col 57}{space 4}-.8199515{col 70}{space 3} .0662589
{txt}{space 6}interact6 {c |}{col 17}{res}{space 2}-.1275667{col 29}{space 2} .0765069{col 40}{space 1}   -1.67{col 49}{space 3}0.096{col 57}{space 4}-.2776136{col 70}{space 3} .0224802
{txt}{space 6}interact7 {c |}{col 17}{res}{space 2} .3522452{col 29}{space 2} .5458022{col 40}{space 1}    0.65{col 49}{space 3}0.519{col 57}{space 4}-.7181926{col 70}{space 3} 1.422683
{txt}{space 6}interact8 {c |}{col 17}{res}{space 2}-.5185202{col 29}{space 2} .1245911{col 40}{space 1}   -4.16{col 49}{space 3}0.000{col 57}{space 4}-.7628707{col 70}{space 3}-.2741698
{txt}{space 6}interact9 {c |}{col 17}{res}{space 2}-.0366486{col 29}{space 2} .0872371{col 40}{space 1}   -0.42{col 49}{space 3}0.674{col 57}{space 4}-.2077397{col 70}{space 3} .1344425
{txt}{space 5}interact10 {c |}{col 17}{res}{space 2}-.3464682{col 29}{space 2} .0744648{col 40}{space 1}   -4.65{col 49}{space 3}0.000{col 57}{space 4}  -.49251{col 70}{space 3}-.2004264
{txt}{space 5}interact11 {c |}{col 17}{res}{space 2} .0833147{col 29}{space 2} .0545033{col 40}{space 1}    1.53{col 49}{space 3}0.127{col 57}{space 4}-.0235784{col 70}{space 3} .1902077
{txt}{space 5}interact13 {c |}{col 17}{res}{space 2} -.346334{col 29}{space 2} .1011537{col 40}{space 1}   -3.42{col 49}{space 3}0.001{col 57}{space 4}-.5447186{col 70}{space 3}-.1479494
{txt}{space 5}interact14 {c |}{col 17}{res}{space 2} .0099177{col 29}{space 2} .0228773{col 40}{space 1}    0.43{col 49}{space 3}0.665{col 57}{space 4}-.0349497{col 70}{space 3}  .054785
{txt}{space 10}_cons {c |}{col 17}{res}{space 2} .2111267{col 29}{space 2} .0810684{col 40}{space 1}    2.60{col 49}{space 3}0.009{col 57}{space 4} .0521338{col 70}{space 3} .3701197
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
({res}est3{txt} stored)

{com}. eststo: xi: reghdfe ln_prod_diff interact_upr ln_upr interact_epr ln_epr ln_prod_pre_365 labor_exp size mtb roa io cash lev salesg_w tsr union rd fixed_assets interact2-interact11 interact13 interact14 if sample_yr==1, absorb(ffi49) 
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     1,921
{txt}Absorbing 1 HDFE group{col 51}F({res}  29{txt},{res}   1843{txt}){col 67}= {res}      7.41
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1328
{txt}{col 51}Adj R-squared{col 67}= {res}    0.0966
{txt}{col 51}Within R-sq.{col 67}= {res}    0.1044
{txt}{col 51}Root MSE{col 67}= {res}    0.2783

{txt}{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}   ln_prod_diff{col 17}{c |}      Coef.{col 29}   Std. Err.{col 41}      t{col 49}   P>|t|{col 57}     [95% Con{col 70}f. Interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 3}interact_upr {c |}{col 17}{res}{space 2}  .018303{col 29}{space 2} .0263662{col 40}{space 1}    0.69{col 49}{space 3}0.488{col 57}{space 4}-.0334077{col 70}{space 3} .0700137
{txt}{space 9}ln_upr {c |}{col 17}{res}{space 2}-.0210614{col 29}{space 2} .0087688{col 40}{space 1}   -2.40{col 49}{space 3}0.016{col 57}{space 4}-.0382591{col 70}{space 3}-.0038636
{txt}{space 3}interact_epr {c |}{col 17}{res}{space 2} .0299516{col 29}{space 2} .0510215{col 40}{space 1}    0.59{col 49}{space 3}0.557{col 57}{space 4}-.0701145{col 70}{space 3} .1300176
{txt}{space 9}ln_epr {c |}{col 17}{res}{space 2}-.1066181{col 29}{space 2} .0350963{col 40}{space 1}   -3.04{col 49}{space 3}0.002{col 57}{space 4}-.1754509{col 70}{space 3}-.0377854
{txt}ln_prod_pre_365 {c |}{col 17}{res}{space 2}-.0896893{col 29}{space 2} .0107429{col 40}{space 1}   -8.35{col 49}{space 3}0.000{col 57}{space 4}-.1107588{col 70}{space 3}-.0686197
{txt}{space 6}labor_exp {c |}{col 17}{res}{space 2} .2516686{col 29}{space 2} .1983352{col 40}{space 1}    1.27{col 49}{space 3}0.205{col 57}{space 4}-.1373168{col 70}{space 3} .6406539
{txt}{space 11}size {c |}{col 17}{res}{space 2} .0571671{col 29}{space 2} .0146516{col 40}{space 1}    3.90{col 49}{space 3}0.000{col 57}{space 4} .0284316{col 70}{space 3} .0859025
{txt}{space 12}mtb {c |}{col 17}{res}{space 2}-.0158823{col 29}{space 2} .0045142{col 40}{space 1}   -3.52{col 49}{space 3}0.000{col 57}{space 4}-.0247359{col 70}{space 3}-.0070288
{txt}{space 12}roa {c |}{col 17}{res}{space 2} .1603726{col 29}{space 2} .0639121{col 40}{space 1}    2.51{col 49}{space 3}0.012{col 57}{space 4} .0350248{col 70}{space 3} .2857204
{txt}{space 13}io {c |}{col 17}{res}{space 2} .1449914{col 29}{space 2} .0323403{col 40}{space 1}    4.48{col 49}{space 3}0.000{col 57}{space 4} .0815639{col 70}{space 3} .2084189
{txt}{space 11}cash {c |}{col 17}{res}{space 2}-.0721408{col 29}{space 2} .0553149{col 40}{space 1}   -1.30{col 49}{space 3}0.192{col 57}{space 4}-.1806272{col 70}{space 3} .0363456
{txt}{space 12}lev {c |}{col 17}{res}{space 2}  .014907{col 29}{space 2} .0319513{col 40}{space 1}    0.47{col 49}{space 3}0.641{col 57}{space 4}-.0477574{col 70}{space 3} .0775715
{txt}{space 7}salesg_w {c |}{col 17}{res}{space 2} .0063209{col 29}{space 2} .0242888{col 40}{space 1}    0.26{col 49}{space 3}0.795{col 57}{space 4}-.0413156{col 70}{space 3} .0539574
{txt}{space 12}tsr {c |}{col 17}{res}{space 2}  .061404{col 29}{space 2} .0163252{col 40}{space 1}    3.76{col 49}{space 3}0.000{col 57}{space 4} .0293862{col 70}{space 3} .0934218
{txt}{space 10}union {c |}{col 17}{res}{space 2}-.0388246{col 29}{space 2} .0176687{col 40}{space 1}   -2.20{col 49}{space 3}0.028{col 57}{space 4}-.0734774{col 70}{space 3}-.0041718
{txt}{space 13}rd {c |}{col 17}{res}{space 2} .1462322{col 29}{space 2} .1300504{col 40}{space 1}    1.12{col 49}{space 3}0.261{col 57}{space 4}-.1088294{col 70}{space 3} .4012937
{txt}{space 3}fixed_assets {c |}{col 17}{res}{space 2}  .092888{col 29}{space 2} .0460468{col 40}{space 1}    2.02{col 49}{space 3}0.044{col 57}{space 4} .0025786{col 70}{space 3} .1831974
{txt}{space 6}interact2 {c |}{col 17}{res}{space 2}-.0206684{col 29}{space 2} .0214461{col 40}{space 1}   -0.96{col 49}{space 3}0.335{col 57}{space 4}-.0627297{col 70}{space 3} .0213928
{txt}{space 6}interact3 {c |}{col 17}{res}{space 2} .0885299{col 29}{space 2} .0550319{col 40}{space 1}    1.61{col 49}{space 3}0.108{col 57}{space 4}-.0194016{col 70}{space 3} .1964614
{txt}{space 6}interact4 {c |}{col 17}{res}{space 2}  .045017{col 29}{space 2} .0161147{col 40}{space 1}    2.79{col 49}{space 3}0.005{col 57}{space 4} .0134121{col 70}{space 3}  .076622
{txt}{space 6}interact5 {c |}{col 17}{res}{space 2}-.4141769{col 29}{space 2} .2267266{col 40}{space 1}   -1.83{col 49}{space 3}0.068{col 57}{space 4}-.8588448{col 70}{space 3}  .030491
{txt}{space 6}interact6 {c |}{col 17}{res}{space 2}-.1171239{col 29}{space 2} .0769088{col 40}{space 1}   -1.52{col 49}{space 3}0.128{col 57}{space 4}-.2679614{col 70}{space 3} .0337136
{txt}{space 6}interact7 {c |}{col 17}{res}{space 2} .4281414{col 29}{space 2} .5475394{col 40}{space 1}    0.78{col 49}{space 3}0.434{col 57}{space 4}-.6457214{col 70}{space 3} 1.502004
{txt}{space 6}interact8 {c |}{col 17}{res}{space 2}-.5964209{col 29}{space 2} .1354888{col 40}{space 1}   -4.40{col 49}{space 3}0.000{col 57}{space 4}-.8621485{col 70}{space 3}-.3306932
{txt}{space 6}interact9 {c |}{col 17}{res}{space 2}-.0048789{col 29}{space 2} .0897205{col 40}{space 1}   -0.05{col 49}{space 3}0.957{col 57}{space 4}-.1808434{col 70}{space 3} .1710857
{txt}{space 5}interact10 {c |}{col 17}{res}{space 2}-.3249234{col 29}{space 2} .0746053{col 40}{space 1}   -4.36{col 49}{space 3}0.000{col 57}{space 4}-.4712431{col 70}{space 3}-.1786037
{txt}{space 5}interact11 {c |}{col 17}{res}{space 2} .0568321{col 29}{space 2} .0548487{col 40}{space 1}    1.04{col 49}{space 3}0.300{col 57}{space 4}-.0507401{col 70}{space 3} .1644042
{txt}{space 5}interact13 {c |}{col 17}{res}{space 2}-.3956979{col 29}{space 2} .1153926{col 40}{space 1}   -3.43{col 49}{space 3}0.001{col 57}{space 4} -.622012{col 70}{space 3}-.1693839
{txt}{space 5}interact14 {c |}{col 17}{res}{space 2} .0057705{col 29}{space 2} .0255316{col 40}{space 1}    0.23{col 49}{space 3}0.821{col 57}{space 4}-.0443033{col 70}{space 3} .0558444
{txt}{space 10}_cons {c |}{col 17}{res}{space 2} .4621508{col 29}{space 2} .0990309{col 40}{space 1}    4.67{col 49}{space 3}0.000{col 57}{space 4} .2679261{col 70}{space 3} .6563754
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       49{col 27}{space 1}        0{col 39}{result}{space 1}       49{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est4{txt} stored)

{com}. 
. *************************
. *CEO Disapproval
. *************************
. eststo: xi: reghdfe gd_ceodis_diff_365 interact_upr ln_upr interact_epr ln_epr gd_ceodis_pre_365 labor_exp size mtb roa io cash lev salesg_w tsr union rd interact2-interact11 interact15 if sample_yr==1, noabsorb
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     1,871
{txt}Absorbing 1 HDFE group{col 51}F({res}  27{txt},{res}   1843{txt}){col 67}= {res}     26.17
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.2772
{txt}{col 51}Adj R-squared{col 67}= {res}    0.2666
{txt}{col 51}Within R-sq.{col 67}= {res}    0.2772
{txt}{col 51}Root MSE{col 67}= {res}    0.0772

{txt}{hline 18}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_ceodis_dif~365{col 19}{c |}      Coef.{col 31}   Std. Err.{col 43}      t{col 51}   P>|t|{col 59}     [95% Con{col 72}f. Interval]
{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 5}interact_upr {c |}{col 19}{res}{space 2} .0071415{col 31}{space 2} .0073073{col 42}{space 1}    0.98{col 51}{space 3}0.329{col 59}{space 4}-.0071899{col 72}{space 3}  .021473
{txt}{space 11}ln_upr {c |}{col 19}{res}{space 2} .0039697{col 31}{space 2} .0023369{col 42}{space 1}    1.70{col 51}{space 3}0.090{col 59}{space 4}-.0006136{col 72}{space 3}  .008553
{txt}{space 5}interact_epr {c |}{col 19}{res}{space 2}-.0000258{col 31}{space 2} .0093796{col 42}{space 1}   -0.00{col 51}{space 3}0.998{col 59}{space 4}-.0184216{col 72}{space 3} .0183699
{txt}{space 11}ln_epr {c |}{col 19}{res}{space 2} .0082936{col 31}{space 2} .0037767{col 42}{space 1}    2.20{col 51}{space 3}0.028{col 59}{space 4} .0008865{col 72}{space 3} .0157007
{txt}gd_ceodis_pre_365 {c |}{col 19}{res}{space 2}-.4578345{col 31}{space 2}  .018751{col 42}{space 1}  -24.42{col 51}{space 3}0.000{col 59}{space 4}-.4946099{col 72}{space 3} -.421059
{txt}{space 8}labor_exp {c |}{col 19}{res}{space 2}-.0023283{col 31}{space 2} .0325151{col 42}{space 1}   -0.07{col 51}{space 3}0.943{col 59}{space 4}-.0660986{col 72}{space 3} .0614421
{txt}{space 13}size {c |}{col 19}{res}{space 2}-.0009859{col 31}{space 2} .0017475{col 42}{space 1}   -0.56{col 51}{space 3}0.573{col 59}{space 4}-.0044132{col 72}{space 3} .0024415
{txt}{space 14}mtb {c |}{col 19}{res}{space 2}-.0005251{col 31}{space 2} .0014439{col 42}{space 1}   -0.36{col 51}{space 3}0.716{col 59}{space 4} -.003357{col 72}{space 3} .0023068
{txt}{space 14}roa {c |}{col 19}{res}{space 2}-.0224925{col 31}{space 2} .0202524{col 42}{space 1}   -1.11{col 51}{space 3}0.267{col 59}{space 4}-.0622125{col 72}{space 3} .0172275
{txt}{space 15}io {c |}{col 19}{res}{space 2} -.016091{col 31}{space 2} .0093615{col 42}{space 1}   -1.72{col 51}{space 3}0.086{col 59}{space 4}-.0344514{col 72}{space 3} .0022693
{txt}{space 13}cash {c |}{col 19}{res}{space 2} .0284313{col 31}{space 2} .0151001{col 42}{space 1}    1.88{col 51}{space 3}0.060{col 59}{space 4}-.0011838{col 72}{space 3} .0580465
{txt}{space 14}lev {c |}{col 19}{res}{space 2} .0006653{col 31}{space 2}  .008706{col 42}{space 1}    0.08{col 51}{space 3}0.939{col 59}{space 4}-.0164094{col 72}{space 3}   .01774
{txt}{space 9}salesg_w {c |}{col 19}{res}{space 2}-.0009949{col 31}{space 2} .0067702{col 42}{space 1}   -0.15{col 51}{space 3}0.883{col 59}{space 4} -.014273{col 72}{space 3} .0122832
{txt}{space 14}tsr {c |}{col 19}{res}{space 2}-.0045124{col 31}{space 2} .0044888{col 42}{space 1}   -1.01{col 51}{space 3}0.315{col 59}{space 4}-.0133161{col 72}{space 3} .0042912
{txt}{space 12}union {c |}{col 19}{res}{space 2} .0002944{col 31}{space 2}  .004277{col 42}{space 1}    0.07{col 51}{space 3}0.945{col 59}{space 4}-.0080938{col 72}{space 3} .0086826
{txt}{space 15}rd {c |}{col 19}{res}{space 2} -.021372{col 31}{space 2} .0358075{col 42}{space 1}   -0.60{col 51}{space 3}0.551{col 59}{space 4}-.0915996{col 72}{space 3} .0488555
{txt}{space 8}interact2 {c |}{col 19}{res}{space 2}-.0010816{col 31}{space 2} .0038298{col 42}{space 1}   -0.28{col 51}{space 3}0.778{col 59}{space 4}-.0085928{col 72}{space 3} .0064297
{txt}{space 8}interact3 {c |}{col 19}{res}{space 2}  .014888{col 31}{space 2} .0136404{col 42}{space 1}    1.09{col 51}{space 3}0.275{col 59}{space 4}-.0118644{col 72}{space 3} .0416403
{txt}{space 8}interact4 {c |}{col 19}{res}{space 2}-.0028657{col 31}{space 2}   .00463{col 42}{space 1}   -0.62{col 51}{space 3}0.536{col 59}{space 4}-.0119463{col 72}{space 3} .0062148
{txt}{space 8}interact5 {c |}{col 19}{res}{space 2}-.0141315{col 31}{space 2} .0607546{col 42}{space 1}   -0.23{col 51}{space 3}0.816{col 59}{space 4}-.1332865{col 72}{space 3} .1050235
{txt}{space 8}interact6 {c |}{col 19}{res}{space 2} .0077424{col 31}{space 2} .0224554{col 42}{space 1}    0.34{col 51}{space 3}0.730{col 59}{space 4}-.0362982{col 72}{space 3} .0517831
{txt}{space 8}interact7 {c |}{col 19}{res}{space 2} .0514578{col 31}{space 2} .1527708{col 42}{space 1}    0.34{col 51}{space 3}0.736{col 59}{space 4}-.2481643{col 72}{space 3} .3510799
{txt}{space 8}interact8 {c |}{col 19}{res}{space 2}-.0433883{col 31}{space 2} .0379779{col 42}{space 1}   -1.14{col 51}{space 3}0.253{col 59}{space 4}-.1178726{col 72}{space 3} .0310959
{txt}{space 8}interact9 {c |}{col 19}{res}{space 2} .0333074{col 31}{space 2} .0233379{col 42}{space 1}    1.43{col 51}{space 3}0.154{col 59}{space 4}-.0124642{col 72}{space 3}  .079079
{txt}{space 7}interact10 {c |}{col 19}{res}{space 2} .0141877{col 31}{space 2} .0221482{col 42}{space 1}    0.64{col 51}{space 3}0.522{col 59}{space 4}-.0292506{col 72}{space 3}  .057626
{txt}{space 7}interact11 {c |}{col 19}{res}{space 2}  .019856{col 31}{space 2} .0161035{col 42}{space 1}    1.23{col 51}{space 3}0.218{col 59}{space 4}-.0117271{col 72}{space 3}  .051439
{txt}{space 7}interact15 {c |}{col 19}{res}{space 2} .0033788{col 31}{space 2} .0535643{col 42}{space 1}    0.06{col 51}{space 3}0.950{col 59}{space 4}-.1016743{col 72}{space 3} .1084319
{txt}{space 12}_cons {c |}{col 19}{res}{space 2} .0032716{col 31}{space 2}  .015239{col 42}{space 1}    0.21{col 51}{space 3}0.830{col 59}{space 4}-.0266159{col 72}{space 3} .0331591
{txt}{hline 18}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
({res}est5{txt} stored)

{com}. eststo: xi: reghdfe gd_ceodis_diff_365 interact_upr ln_upr interact_epr ln_epr gd_ceodis_pre_365 labor_exp size mtb roa io cash lev salesg_w tsr union rd interact2-interact11 interact15 if sample_yr==1, absorb(ffi49) 
{res}{txt}(dropped 1 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     1,870
{txt}Absorbing 1 HDFE group{col 51}F({res}  27{txt},{res}   1795{txt}){col 67}= {res}     25.79
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.2945
{txt}{col 51}Adj R-squared{col 67}= {res}    0.2654
{txt}{col 51}Within R-sq.{col 67}= {res}    0.2795
{txt}{col 51}Root MSE{col 67}= {res}    0.0773

{txt}{hline 18}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_ceodis_dif~365{col 19}{c |}      Coef.{col 31}   Std. Err.{col 43}      t{col 51}   P>|t|{col 59}     [95% Con{col 72}f. Interval]
{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 5}interact_upr {c |}{col 19}{res}{space 2}  .008316{col 31}{space 2} .0074501{col 42}{space 1}    1.12{col 51}{space 3}0.264{col 59}{space 4}-.0062959{col 72}{space 3} .0229278
{txt}{space 11}ln_upr {c |}{col 19}{res}{space 2} .0039764{col 31}{space 2} .0023562{col 42}{space 1}    1.69{col 51}{space 3}0.092{col 59}{space 4}-.0006449{col 72}{space 3} .0085976
{txt}{space 5}interact_epr {c |}{col 19}{res}{space 2}-.0022997{col 31}{space 2} .0118241{col 42}{space 1}   -0.19{col 51}{space 3}0.846{col 59}{space 4}-.0254901{col 72}{space 3} .0208908
{txt}{space 11}ln_epr {c |}{col 19}{res}{space 2} .0176532{col 31}{space 2} .0093518{col 42}{space 1}    1.89{col 51}{space 3}0.059{col 59}{space 4}-.0006884{col 72}{space 3} .0359948
{txt}gd_ceodis_pre_365 {c |}{col 19}{res}{space 2} -.467021{col 31}{space 2} .0193458{col 42}{space 1}  -24.14{col 51}{space 3}0.000{col 59}{space 4}-.5049637{col 72}{space 3}-.4290783
{txt}{space 8}labor_exp {c |}{col 19}{res}{space 2} .0002012{col 31}{space 2} .0363126{col 42}{space 1}    0.01{col 51}{space 3}0.996{col 59}{space 4}-.0710183{col 72}{space 3} .0714207
{txt}{space 13}size {c |}{col 19}{res}{space 2}-.0050475{col 31}{space 2} .0037957{col 42}{space 1}   -1.33{col 51}{space 3}0.184{col 59}{space 4}-.0124921{col 72}{space 3}  .002397
{txt}{space 14}mtb {c |}{col 19}{res}{space 2}-.0012243{col 31}{space 2} .0015174{col 42}{space 1}   -0.81{col 51}{space 3}0.420{col 59}{space 4}-.0042003{col 72}{space 3} .0017517
{txt}{space 14}roa {c |}{col 19}{res}{space 2} -.021878{col 31}{space 2} .0211824{col 42}{space 1}   -1.03{col 51}{space 3}0.302{col 59}{space 4}-.0634229{col 72}{space 3} .0196668
{txt}{space 15}io {c |}{col 19}{res}{space 2}-.0129403{col 31}{space 2} .0096951{col 42}{space 1}   -1.33{col 51}{space 3}0.182{col 59}{space 4}-.0319553{col 72}{space 3} .0060746
{txt}{space 13}cash {c |}{col 19}{res}{space 2} .0300989{col 31}{space 2} .0160229{col 42}{space 1}    1.88{col 51}{space 3}0.060{col 59}{space 4}-.0013267{col 72}{space 3} .0615245
{txt}{space 14}lev {c |}{col 19}{res}{space 2} .0008823{col 31}{space 2} .0093912{col 42}{space 1}    0.09{col 51}{space 3}0.925{col 59}{space 4}-.0175365{col 72}{space 3}  .019301
{txt}{space 9}salesg_w {c |}{col 19}{res}{space 2} .0009921{col 31}{space 2} .0071064{col 42}{space 1}    0.14{col 51}{space 3}0.889{col 59}{space 4}-.0129455{col 72}{space 3} .0149297
{txt}{space 14}tsr {c |}{col 19}{res}{space 2}-.0030972{col 31}{space 2} .0045981{col 42}{space 1}   -0.67{col 51}{space 3}0.501{col 59}{space 4}-.0121154{col 72}{space 3} .0059209
{txt}{space 12}union {c |}{col 19}{res}{space 2}  .002134{col 31}{space 2} .0048975{col 42}{space 1}    0.44{col 51}{space 3}0.663{col 59}{space 4}-.0074713{col 72}{space 3} .0117393
{txt}{space 15}rd {c |}{col 19}{res}{space 2}-.0153814{col 31}{space 2} .0395114{col 42}{space 1}   -0.39{col 51}{space 3}0.697{col 59}{space 4}-.0928746{col 72}{space 3} .0621118
{txt}{space 8}interact2 {c |}{col 19}{res}{space 2} .0005235{col 31}{space 2} .0047302{col 42}{space 1}    0.11{col 51}{space 3}0.912{col 59}{space 4}-.0087538{col 72}{space 3} .0098009
{txt}{space 8}interact3 {c |}{col 19}{res}{space 2} .0077137{col 31}{space 2} .0147997{col 42}{space 1}    0.52{col 51}{space 3}0.602{col 59}{space 4}-.0213127{col 72}{space 3} .0367402
{txt}{space 8}interact4 {c |}{col 19}{res}{space 2}-.0019561{col 31}{space 2} .0046812{col 42}{space 1}   -0.42{col 51}{space 3}0.676{col 59}{space 4}-.0111374{col 72}{space 3} .0072251
{txt}{space 8}interact5 {c |}{col 19}{res}{space 2} -.020928{col 31}{space 2} .0619504{col 42}{space 1}   -0.34{col 51}{space 3}0.736{col 59}{space 4}-.1424305{col 72}{space 3} .1005745
{txt}{space 8}interact6 {c |}{col 19}{res}{space 2} .0052395{col 31}{space 2} .0228026{col 42}{space 1}    0.23{col 51}{space 3}0.818{col 59}{space 4}-.0394829{col 72}{space 3} .0499619
{txt}{space 8}interact7 {c |}{col 19}{res}{space 2} .0336174{col 31}{space 2} .1538742{col 42}{space 1}    0.22{col 51}{space 3}0.827{col 59}{space 4}-.2681739{col 72}{space 3} .3354088
{txt}{space 8}interact8 {c |}{col 19}{res}{space 2}-.0458463{col 31}{space 2} .0414466{col 42}{space 1}   -1.11{col 51}{space 3}0.269{col 59}{space 4}-.1271349{col 72}{space 3} .0354423
{txt}{space 8}interact9 {c |}{col 19}{res}{space 2} .0353112{col 31}{space 2} .0239256{col 42}{space 1}    1.48{col 51}{space 3}0.140{col 59}{space 4}-.0116137{col 72}{space 3} .0822361
{txt}{space 7}interact10 {c |}{col 19}{res}{space 2} .0097643{col 31}{space 2} .0225038{col 42}{space 1}    0.43{col 51}{space 3}0.664{col 59}{space 4}-.0343721{col 72}{space 3} .0539006
{txt}{space 7}interact11 {c |}{col 19}{res}{space 2} .0192943{col 31}{space 2} .0164314{col 42}{space 1}    1.17{col 51}{space 3}0.240{col 59}{space 4}-.0129323{col 72}{space 3} .0515209
{txt}{space 7}interact15 {c |}{col 19}{res}{space 2} .0013621{col 31}{space 2} .0541759{col 42}{space 1}    0.03{col 51}{space 3}0.980{col 59}{space 4}-.1048923{col 72}{space 3} .1076165
{txt}{space 12}_cons {c |}{col 19}{res}{space 2}-.0081494{col 31}{space 2} .0190325{col 42}{space 1}   -0.43{col 51}{space 3}0.669{col 59}{space 4}-.0454775{col 72}{space 3} .0291787
{txt}{hline 18}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       48{col 27}{space 1}        0{col 39}{result}{space 1}       48{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est6{txt} stored)

{com}. 
. esttab using "Output/Tables/RF/T7_emp_laborexp_surprise.csv", b(3) ar2 title("Surprise employees labor expense") varwidth(25) order(interact_upr interact_epr labor_exp ln_upr ln_epr gd_pay_pre_365 ln_prod_pre_365 gd_ceodis_pre_365) star(* 0.10 ** 0.05  *** 0.01 ) replace
{res}{txt}(output written to {browse  `"Output/Tables/RF/T7_emp_laborexp_surprise.csv"'})

{com}. 
{txt}end of do-file

{com}. 
. // ------------------------- Table 8: Pay Ratio Components and Employee Response
. do Code/produce_table8
{txt}
{com}. 
. ************************************************************************************************************
. **#                                                     TABLE 8 - COMPONENTS OF THE PAY RATIO AND EMPLOYEE RESPONSE
. ************************************************************************************************************
. 
. capture cd "C:\Users\austin.starkweather\Dropbox\Research\CEO Pay Ratio\Analysis"
{txt}
{com}. capture cd "/Users/joshw/Dropbox/CEO Pay Ratio/Analysis/"
{txt}
{com}. use "Data/Temp/dataset_main.dta",clear
{txt}
{com}. 
. ***********************
. *Panel A Correlation
. ***********************
. pwcorr ln_pr ceo_quint_5 ceo_quint_1 me_quint_5 me_quint_1, star(0.01)

             {txt}{c |}    ln_pr ceo_qu~5 ceo_qu~1 me_qui~5 me_qui~1
{hline 13}{c +}{hline 45}
       ln_pr {c |} {res}  1.0000 
 {txt}ceo_quint_5 {c |} {res}  0.4770*  1.0000 
 {txt}ceo_quint_1 {c |} {res} -0.5571* -0.2500*  1.0000 
  {txt}me_quint_5 {c |} {res} -0.3274*  0.0618* -0.0643*  1.0000 
  {txt}me_quint_1 {c |} {res}  0.4032* -0.0319*  0.0312* -0.2500*  1.0000 
{txt}
{com}. 
. ***********************
. *Panel B Employees
. ***********************
. est clear
{txt}
{com}. eststo: xi: reghdfe gd_pay_diff_365 ln_pr ceo_quint_5 ceo_quint_1 me_quint_5 me_quint_1 gd_pay_pre_365 size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1, absorb(ffi49)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     1,977
{txt}Absorbing 1 HDFE group{col 51}F({res}  16{txt},{res}   1912{txt}){col 67}= {res}     54.78
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.3273
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3048
{txt}{col 51}Within R-sq.{col 67}= {res}    0.3143
{txt}{col 51}Root MSE{col 67}= {res}    0.5304

{txt}{hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_pay_dif~365{col 16}{c |}      Coef.{col 28}   Std. Err.{col 40}      t{col 48}   P>|t|{col 56}     [95% Con{col 69}f. Interval]
{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 9}ln_pr {c |}{col 16}{res}{space 2}-.0471277{col 28}{space 2} .0206406{col 39}{space 1}   -2.28{col 48}{space 3}0.023{col 56}{space 4} -.087608{col 69}{space 3}-.0066473
{txt}{space 3}ceo_quint_5 {c |}{col 16}{res}{space 2} .1157097{col 28}{space 2} .0413871{col 39}{space 1}    2.80{col 48}{space 3}0.005{col 56}{space 4} .0345411{col 69}{space 3} .1968784
{txt}{space 3}ceo_quint_1 {c |}{col 16}{res}{space 2}-.0373132{col 28}{space 2} .0481625{col 39}{space 1}   -0.77{col 48}{space 3}0.439{col 56}{space 4}-.1317699{col 69}{space 3} .0571434
{txt}{space 4}me_quint_5 {c |}{col 16}{res}{space 2} .1300586{col 28}{space 2}  .044774{col 39}{space 1}    2.90{col 48}{space 3}0.004{col 56}{space 4} .0422477{col 69}{space 3} .2178695
{txt}{space 4}me_quint_1 {c |}{col 16}{res}{space 2}-.1309709{col 28}{space 2} .0419523{col 39}{space 1}   -3.12{col 48}{space 3}0.002{col 56}{space 4}-.2132479{col 69}{space 3}-.0486939
{txt}gd_pay_pre_365 {c |}{col 16}{res}{space 2}-.6337067{col 28}{space 2} .0217708{col 39}{space 1}  -29.11{col 48}{space 3}0.000{col 56}{space 4}-.6764038{col 69}{space 3}-.5910097
{txt}{space 10}size {c |}{col 16}{res}{space 2} .0366955{col 28}{space 2} .0114253{col 39}{space 1}    3.21{col 48}{space 3}0.001{col 56}{space 4} .0142882{col 69}{space 3} .0591028
{txt}{space 11}mtb {c |}{col 16}{res}{space 2} .0067347{col 28}{space 2}  .009765{col 39}{space 1}    0.69{col 48}{space 3}0.490{col 56}{space 4}-.0124165{col 69}{space 3} .0258858
{txt}{space 11}roa {c |}{col 16}{res}{space 2} .1029181{col 28}{space 2} .1347672{col 39}{space 1}    0.76{col 48}{space 3}0.445{col 56}{space 4}-.1613881{col 69}{space 3} .3672244
{txt}{space 12}io {c |}{col 16}{res}{space 2} .0898114{col 28}{space 2} .0570167{col 39}{space 1}    1.58{col 48}{space 3}0.115{col 56}{space 4}  -.02201{col 69}{space 3} .2016328
{txt}{space 10}cash {c |}{col 16}{res}{space 2}  .076359{col 28}{space 2} .0991183{col 39}{space 1}    0.77{col 48}{space 3}0.441{col 56}{space 4}-.1180323{col 69}{space 3} .2707503
{txt}{space 11}lev {c |}{col 16}{res}{space 2}  .003474{col 28}{space 2} .0574555{col 39}{space 1}    0.06{col 48}{space 3}0.952{col 56}{space 4} -.109208{col 69}{space 3}  .116156
{txt}{space 6}salesg_w {c |}{col 16}{res}{space 2} .0340141{col 28}{space 2} .0438227{col 39}{space 1}    0.78{col 48}{space 3}0.438{col 56}{space 4}-.0519313{col 69}{space 3} .1199594
{txt}{space 11}tsr {c |}{col 16}{res}{space 2} .0062881{col 28}{space 2} .0311087{col 39}{space 1}    0.20{col 48}{space 3}0.840{col 56}{space 4}-.0547224{col 69}{space 3} .0672985
{txt}{space 9}union {c |}{col 16}{res}{space 2}-.0166945{col 28}{space 2} .0310848{col 39}{space 1}   -0.54{col 48}{space 3}0.591{col 56}{space 4}-.0776582{col 69}{space 3} .0442691
{txt}{space 12}rd {c |}{col 16}{res}{space 2} .2066062{col 28}{space 2} .2698463{col 39}{space 1}    0.77{col 48}{space 3}0.444{col 56}{space 4}-.3226178{col 69}{space 3} .7358302
{txt}{space 9}_cons {c |}{col 16}{res}{space 2} 1.966653{col 28}{space 2} .1398675{col 39}{space 1}   14.06{col 48}{space 3}0.000{col 56}{space 4} 1.692344{col 69}{space 3} 2.240962
{txt}{hline 15}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       49{col 27}{space 1}        0{col 39}{result}{space 1}       49{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est1{txt} stored)

{com}. eststo: xi: reghdfe gd_pay_diff_365 ln_pr ceo_quint_5 ceo_quint_1 me_quint_5 me_quint_1 gd_pay_pre_365 size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1, absorb(indyr)
{res}{txt}(dropped 1 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     5,461
{txt}Absorbing 1 HDFE group{col 51}F({res}  16{txt},{res}   5299{txt}){col 67}= {res}    197.64
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.3961
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3777
{txt}{col 51}Within R-sq.{col 67}= {res}    0.3737
{txt}{col 51}Root MSE{col 67}= {res}    0.5052

{txt}{hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_pay_dif~365{col 16}{c |}      Coef.{col 28}   Std. Err.{col 40}      t{col 48}   P>|t|{col 56}     [95% Con{col 69}f. Interval]
{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 9}ln_pr {c |}{col 16}{res}{space 2}-.0428659{col 28}{space 2} .0102492{col 39}{space 1}   -4.18{col 48}{space 3}0.000{col 56}{space 4}-.0629585{col 69}{space 3}-.0227733
{txt}{space 3}ceo_quint_5 {c |}{col 16}{res}{space 2} .0687037{col 28}{space 2} .0235218{col 39}{space 1}    2.92{col 48}{space 3}0.004{col 56}{space 4} .0225912{col 69}{space 3} .1148162
{txt}{space 3}ceo_quint_1 {c |}{col 16}{res}{space 2}-.1159302{col 28}{space 2} .0260648{col 39}{space 1}   -4.45{col 48}{space 3}0.000{col 56}{space 4} -.167028{col 69}{space 3}-.0648324
{txt}{space 4}me_quint_5 {c |}{col 16}{res}{space 2} .1533695{col 28}{space 2} .0245252{col 39}{space 1}    6.25{col 48}{space 3}0.000{col 56}{space 4}   .10529{col 69}{space 3}  .201449
{txt}{space 4}me_quint_1 {c |}{col 16}{res}{space 2}-.0874824{col 28}{space 2} .0229304{col 39}{space 1}   -3.82{col 48}{space 3}0.000{col 56}{space 4}-.1324354{col 69}{space 3}-.0425294
{txt}gd_pay_pre_365 {c |}{col 16}{res}{space 2}-.6822687{col 28}{space 2}   .01222{col 39}{space 1}  -55.83{col 48}{space 3}0.000{col 56}{space 4} -.706225{col 69}{space 3}-.6583125
{txt}{space 10}size {c |}{col 16}{res}{space 2} .0423875{col 28}{space 2} .0066307{col 39}{space 1}    6.39{col 48}{space 3}0.000{col 56}{space 4} .0293887{col 69}{space 3} .0553864
{txt}{space 11}mtb {c |}{col 16}{res}{space 2} .0138634{col 28}{space 2} .0046998{col 39}{space 1}    2.95{col 48}{space 3}0.003{col 56}{space 4} .0046499{col 69}{space 3} .0230769
{txt}{space 11}roa {c |}{col 16}{res}{space 2} .1520301{col 28}{space 2}  .076681{col 39}{space 1}    1.98{col 48}{space 3}0.047{col 56}{space 4} .0017038{col 69}{space 3} .3023563
{txt}{space 12}io {c |}{col 16}{res}{space 2} .0323247{col 28}{space 2} .0188379{col 39}{space 1}    1.72{col 48}{space 3}0.086{col 56}{space 4}-.0046053{col 69}{space 3} .0692547
{txt}{space 10}cash {c |}{col 16}{res}{space 2} .0128356{col 28}{space 2} .0591767{col 39}{space 1}    0.22{col 48}{space 3}0.828{col 56}{space 4}-.1031752{col 69}{space 3} .1288464
{txt}{space 11}lev {c |}{col 16}{res}{space 2}-.0460114{col 28}{space 2} .0305819{col 39}{space 1}   -1.50{col 48}{space 3}0.133{col 56}{space 4}-.1059645{col 69}{space 3} .0139418
{txt}{space 6}salesg_w {c |}{col 16}{res}{space 2} .0974482{col 28}{space 2} .0275375{col 39}{space 1}    3.54{col 48}{space 3}0.000{col 56}{space 4} .0434634{col 69}{space 3} .1514331
{txt}{space 11}tsr {c |}{col 16}{res}{space 2} .0254726{col 28}{space 2} .0118669{col 39}{space 1}    2.15{col 48}{space 3}0.032{col 56}{space 4} .0022087{col 69}{space 3} .0487365
{txt}{space 9}union {c |}{col 16}{res}{space 2} .0029779{col 28}{space 2} .0172949{col 39}{space 1}    0.17{col 48}{space 3}0.863{col 56}{space 4}-.0309271{col 69}{space 3} .0368829
{txt}{space 12}rd {c |}{col 16}{res}{space 2} .5048466{col 28}{space 2} .1517595{col 39}{space 1}    3.33{col 48}{space 3}0.001{col 56}{space 4} .2073356{col 69}{space 3} .8023577
{txt}{space 9}_cons {c |}{col 16}{res}{space 2} 2.176208{col 28}{space 2} .0793908{col 39}{space 1}   27.41{col 48}{space 3}0.000{col 56}{space 4} 2.020569{col 69}{space 3} 2.331847
{txt}{hline 15}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      146{col 27}{space 1}        0{col 39}{result}{space 1}      146{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est2{txt} stored)

{com}. eststo: xi: reghdfe ln_prod_diff ln_pr ceo_quint_5 ceo_quint_1 me_quint_5 me_quint_1 ln_prod_pre_365 size mtb roa io cash lev salesg_w tsr union rd fixed_assets if sample_yr==1, absorb(ffi49)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     2,044
{txt}Absorbing 1 HDFE group{col 51}F({res}  17{txt},{res}   1978{txt}){col 67}= {res}      8.85
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.0964
{txt}{col 51}Adj R-squared{col 67}= {res}    0.0667
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0707
{txt}{col 51}Root MSE{col 67}= {res}    0.2924

{txt}{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}   ln_prod_diff{col 17}{c |}      Coef.{col 29}   Std. Err.{col 41}      t{col 49}   P>|t|{col 57}     [95% Con{col 70}f. Interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 10}ln_pr {c |}{col 17}{res}{space 2}-.0031181{col 29}{space 2} .0113401{col 40}{space 1}   -0.27{col 49}{space 3}0.783{col 57}{space 4}-.0253579{col 70}{space 3} .0191217
{txt}{space 4}ceo_quint_5 {c |}{col 17}{res}{space 2}-.0026545{col 29}{space 2} .0228535{col 40}{space 1}   -0.12{col 49}{space 3}0.908{col 57}{space 4} -.047474{col 70}{space 3} .0421649
{txt}{space 4}ceo_quint_1 {c |}{col 17}{res}{space 2} .0289878{col 29}{space 2} .0253125{col 40}{space 1}    1.15{col 49}{space 3}0.252{col 57}{space 4}-.0206541{col 70}{space 3} .0786297
{txt}{space 5}me_quint_5 {c |}{col 17}{res}{space 2} .0900281{col 29}{space 2} .0239732{col 40}{space 1}    3.76{col 49}{space 3}0.000{col 57}{space 4} .0430127{col 70}{space 3} .1370435
{txt}{space 5}me_quint_1 {c |}{col 17}{res}{space 2}-.0715127{col 29}{space 2} .0230089{col 40}{space 1}   -3.11{col 49}{space 3}0.002{col 57}{space 4} -.116637{col 70}{space 3}-.0263884
{txt}ln_prod_pre_365 {c |}{col 17}{res}{space 2}-.0918609{col 29}{space 2} .0101472{col 40}{space 1}   -9.05{col 49}{space 3}0.000{col 57}{space 4}-.1117611{col 70}{space 3}-.0719606
{txt}{space 11}size {c |}{col 17}{res}{space 2} .0123386{col 29}{space 2} .0062652{col 40}{space 1}    1.97{col 49}{space 3}0.049{col 57}{space 4} .0000515{col 70}{space 3} .0246258
{txt}{space 12}mtb {c |}{col 17}{res}{space 2}-.0110563{col 29}{space 2} .0044633{col 40}{space 1}   -2.48{col 49}{space 3}0.013{col 57}{space 4}-.0198095{col 70}{space 3} -.002303
{txt}{space 12}roa {c |}{col 17}{res}{space 2} .1176279{col 29}{space 2} .0622976{col 40}{space 1}    1.89{col 49}{space 3}0.059{col 57}{space 4}-.0045479{col 70}{space 3} .2398037
{txt}{space 13}io {c |}{col 17}{res}{space 2} .1025045{col 29}{space 2} .0295182{col 40}{space 1}    3.47{col 49}{space 3}0.001{col 57}{space 4} .0446144{col 70}{space 3} .1603946
{txt}{space 11}cash {c |}{col 17}{res}{space 2}-.2152164{col 29}{space 2} .0518546{col 40}{space 1}   -4.15{col 49}{space 3}0.000{col 57}{space 4}-.3169118{col 70}{space 3} -.113521
{txt}{space 12}lev {c |}{col 17}{res}{space 2} .0284522{col 29}{space 2} .0306255{col 40}{space 1}    0.93{col 49}{space 3}0.353{col 57}{space 4}-.0316094{col 70}{space 3} .0885138
{txt}{space 7}salesg_w {c |}{col 17}{res}{space 2}-.0674734{col 29}{space 2} .0232226{col 40}{space 1}   -2.91{col 49}{space 3}0.004{col 57}{space 4}-.1130168{col 70}{space 3}-.0219301
{txt}{space 12}tsr {c |}{col 17}{res}{space 2} .0710032{col 29}{space 2} .0160176{col 40}{space 1}    4.43{col 49}{space 3}0.000{col 57}{space 4}   .03959{col 70}{space 3} .1024164
{txt}{space 10}union {c |}{col 17}{res}{space 2}-.0320716{col 29}{space 2} .0169997{col 40}{space 1}   -1.89{col 49}{space 3}0.059{col 57}{space 4}-.0654108{col 70}{space 3} .0012677
{txt}{space 13}rd {c |}{col 17}{res}{space 2} .1213744{col 29}{space 2} .1334834{col 40}{space 1}    0.91{col 49}{space 3}0.363{col 57}{space 4}-.1404086{col 70}{space 3} .3831573
{txt}{space 3}fixed_assets {c |}{col 17}{res}{space 2} .0522649{col 29}{space 2} .0449911{col 40}{space 1}    1.16{col 49}{space 3}0.246{col 57}{space 4}-.0359701{col 70}{space 3}    .1405
{txt}{space 10}_cons {c |}{col 17}{res}{space 2} .4492481{col 29}{space 2} .0900179{col 40}{space 1}    4.99{col 49}{space 3}0.000{col 57}{space 4} .2727083{col 70}{space 3} .6257879
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       49{col 27}{space 1}        0{col 39}{result}{space 1}       49{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est3{txt} stored)

{com}. eststo: xi: reghdfe ln_prod_diff ln_pr ceo_quint_5 ceo_quint_1 me_quint_5 me_quint_1 ln_prod_pre_365 size mtb roa io cash lev salesg_w tsr union rd fixed_assets if sample_yr!=1, absorb(indyr)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     5,516
{txt}Absorbing 1 HDFE group{col 51}F({res}  17{txt},{res}   5352{txt}){col 67}= {res}     37.32
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1768
{txt}{col 51}Adj R-squared{col 67}= {res}    0.1517
{txt}{col 51}Within R-sq.{col 67}= {res}    0.1060
{txt}{col 51}Root MSE{col 67}= {res}    0.3302

{txt}{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}   ln_prod_diff{col 17}{c |}      Coef.{col 29}   Std. Err.{col 41}      t{col 49}   P>|t|{col 57}     [95% Con{col 70}f. Interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 10}ln_pr {c |}{col 17}{res}{space 2}-.0148805{col 29}{space 2} .0067514{col 40}{space 1}   -2.20{col 49}{space 3}0.028{col 57}{space 4}-.0281161{col 70}{space 3} -.001645
{txt}{space 4}ceo_quint_5 {c |}{col 17}{res}{space 2} .0115273{col 29}{space 2} .0154472{col 40}{space 1}    0.75{col 49}{space 3}0.456{col 57}{space 4}-.0187555{col 70}{space 3}   .04181
{txt}{space 4}ceo_quint_1 {c |}{col 17}{res}{space 2}-.0083568{col 29}{space 2} .0165114{col 40}{space 1}   -0.51{col 49}{space 3}0.613{col 57}{space 4}-.0407258{col 70}{space 3} .0240123
{txt}{space 5}me_quint_5 {c |}{col 17}{res}{space 2} .0394504{col 29}{space 2} .0161204{col 40}{space 1}    2.45{col 49}{space 3}0.014{col 57}{space 4}  .007848{col 70}{space 3} .0710529
{txt}{space 5}me_quint_1 {c |}{col 17}{res}{space 2} -.024455{col 29}{space 2} .0149396{col 40}{space 1}   -1.64{col 49}{space 3}0.102{col 57}{space 4}-.0537428{col 70}{space 3} .0048327
{txt}ln_prod_pre_365 {c |}{col 17}{res}{space 2}-.0942182{col 29}{space 2} .0067047{col 40}{space 1}  -14.05{col 49}{space 3}0.000{col 57}{space 4}-.1073622{col 70}{space 3}-.0810742
{txt}{space 11}size {c |}{col 17}{res}{space 2} .0135644{col 29}{space 2} .0043174{col 40}{space 1}    3.14{col 49}{space 3}0.002{col 57}{space 4} .0051005{col 70}{space 3} .0220284
{txt}{space 12}mtb {c |}{col 17}{res}{space 2} .0197011{col 29}{space 2}  .002951{col 40}{space 1}    6.68{col 49}{space 3}0.000{col 57}{space 4}  .013916{col 70}{space 3} .0254862
{txt}{space 12}roa {c |}{col 17}{res}{space 2}-.6371797{col 29}{space 2} .0471086{col 40}{space 1}  -13.53{col 49}{space 3}0.000{col 57}{space 4}-.7295316{col 70}{space 3}-.5448277
{txt}{space 13}io {c |}{col 17}{res}{space 2} .0135478{col 29}{space 2} .0162065{col 40}{space 1}    0.84{col 49}{space 3}0.403{col 57}{space 4}-.0182236{col 70}{space 3} .0453191
{txt}{space 11}cash {c |}{col 17}{res}{space 2}-.0312832{col 29}{space 2} .0389602{col 40}{space 1}   -0.80{col 49}{space 3}0.422{col 57}{space 4}-.1076611{col 70}{space 3} .0450948
{txt}{space 12}lev {c |}{col 17}{res}{space 2} .0586579{col 29}{space 2} .0197055{col 40}{space 1}    2.98{col 49}{space 3}0.003{col 57}{space 4}  .020027{col 70}{space 3} .0972888
{txt}{space 7}salesg_w {c |}{col 17}{res}{space 2}-.1356516{col 29}{space 2} .0170782{col 40}{space 1}   -7.94{col 49}{space 3}0.000{col 57}{space 4}-.1691319{col 70}{space 3}-.1021713
{txt}{space 12}tsr {c |}{col 17}{res}{space 2} .0082986{col 29}{space 2}  .007578{col 40}{space 1}    1.10{col 49}{space 3}0.274{col 57}{space 4}-.0065574{col 70}{space 3} .0231546
{txt}{space 10}union {c |}{col 17}{res}{space 2}-.0315205{col 29}{space 2} .0114276{col 40}{space 1}   -2.76{col 49}{space 3}0.006{col 57}{space 4}-.0539232{col 70}{space 3}-.0091179
{txt}{space 13}rd {c |}{col 17}{res}{space 2} -.695592{col 29}{space 2} .0916064{col 40}{space 1}   -7.59{col 49}{space 3}0.000{col 57}{space 4}-.8751778{col 70}{space 3}-.5160062
{txt}{space 3}fixed_assets {c |}{col 17}{res}{space 2}-.0532779{col 29}{space 2} .0308214{col 40}{space 1}   -1.73{col 49}{space 3}0.084{col 57}{space 4}-.1137004{col 70}{space 3} .0071446
{txt}{space 10}_cons {c |}{col 17}{res}{space 2} .5675959{col 29}{space 2} .0609552{col 40}{space 1}    9.31{col 49}{space 3}0.000{col 57}{space 4} .4480988{col 70}{space 3} .6870929
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      147{col 27}{space 1}        0{col 39}{result}{space 1}      147{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est4{txt} stored)

{com}. eststo: xi: reghdfe gd_ceodis_diff_365 ln_pr ceo_quint_5 ceo_quint_1 me_quint_5 me_quint_1 gd_ceodis_pre_365 size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1, absorb(ffi49)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     1,999
{txt}Absorbing 1 HDFE group{col 51}F({res}  16{txt},{res}   1934{txt}){col 67}= {res}     45.75
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.2880
{txt}{col 51}Adj R-squared{col 67}= {res}    0.2645
{txt}{col 51}Within R-sq.{col 67}= {res}    0.2746
{txt}{col 51}Root MSE{col 67}= {res}    0.0820

{txt}{hline 18}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_ceodis_dif~365{col 19}{c |}      Coef.{col 31}   Std. Err.{col 43}      t{col 51}   P>|t|{col 59}     [95% Con{col 72}f. Interval]
{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 12}ln_pr {c |}{col 19}{res}{space 2} .0028746{col 31}{space 2} .0031765{col 42}{space 1}    0.90{col 51}{space 3}0.366{col 59}{space 4}-.0033552{col 72}{space 3} .0091044
{txt}{space 6}ceo_quint_5 {c |}{col 19}{res}{space 2} .0063031{col 31}{space 2} .0063538{col 42}{space 1}    0.99{col 51}{space 3}0.321{col 59}{space 4} -.006158{col 72}{space 3} .0187642
{txt}{space 6}ceo_quint_1 {c |}{col 19}{res}{space 2}-.0025671{col 31}{space 2} .0073582{col 42}{space 1}   -0.35{col 51}{space 3}0.727{col 59}{space 4} -.016998{col 72}{space 3} .0118638
{txt}{space 7}me_quint_5 {c |}{col 19}{res}{space 2} .0013135{col 31}{space 2} .0066934{col 42}{space 1}    0.20{col 51}{space 3}0.844{col 59}{space 4}-.0118134{col 72}{space 3} .0144405
{txt}{space 7}me_quint_1 {c |}{col 19}{res}{space 2} .0063892{col 31}{space 2} .0064111{col 42}{space 1}    1.00{col 51}{space 3}0.319{col 59}{space 4}-.0061842{col 72}{space 3} .0189626
{txt}gd_ceodis_pre_365 {c |}{col 19}{res}{space 2}-.4827724{col 31}{space 2} .0181429{col 42}{space 1}  -26.61{col 51}{space 3}0.000{col 59}{space 4} -.518354{col 72}{space 3}-.4471908
{txt}{space 13}size {c |}{col 19}{res}{space 2}-.0002369{col 31}{space 2} .0017427{col 42}{space 1}   -0.14{col 51}{space 3}0.892{col 59}{space 4}-.0036547{col 72}{space 3} .0031808
{txt}{space 14}mtb {c |}{col 19}{res}{space 2}-.0012868{col 31}{space 2} .0014903{col 42}{space 1}   -0.86{col 51}{space 3}0.388{col 59}{space 4}-.0042095{col 72}{space 3} .0016359
{txt}{space 14}roa {c |}{col 19}{res}{space 2}-.0237187{col 31}{space 2} .0202184{col 42}{space 1}   -1.17{col 51}{space 3}0.241{col 59}{space 4}-.0633708{col 72}{space 3} .0159333
{txt}{space 15}io {c |}{col 19}{res}{space 2} -.010226{col 31}{space 2} .0087364{col 42}{space 1}   -1.17{col 51}{space 3}0.242{col 59}{space 4}-.0273596{col 72}{space 3} .0069077
{txt}{space 13}cash {c |}{col 19}{res}{space 2} .0127105{col 31}{space 2} .0152017{col 42}{space 1}    0.84{col 51}{space 3}0.403{col 59}{space 4} -.017103{col 72}{space 3} .0425239
{txt}{space 14}lev {c |}{col 19}{res}{space 2} .0062519{col 31}{space 2} .0088678{col 42}{space 1}    0.71{col 51}{space 3}0.481{col 59}{space 4}-.0111396{col 72}{space 3} .0236434
{txt}{space 9}salesg_w {c |}{col 19}{res}{space 2}-.0066022{col 31}{space 2} .0067006{col 42}{space 1}   -0.99{col 51}{space 3}0.325{col 59}{space 4}-.0197434{col 72}{space 3}  .006539
{txt}{space 14}tsr {c |}{col 19}{res}{space 2}-.0015502{col 31}{space 2} .0045885{col 42}{space 1}   -0.34{col 51}{space 3}0.736{col 59}{space 4}-.0105492{col 72}{space 3} .0074488
{txt}{space 12}union {c |}{col 19}{res}{space 2} .0044917{col 31}{space 2} .0047918{col 42}{space 1}    0.94{col 51}{space 3}0.349{col 59}{space 4} -.004906{col 72}{space 3} .0138894
{txt}{space 15}rd {c |}{col 19}{res}{space 2} .0142786{col 31}{space 2} .0405033{col 42}{space 1}    0.35{col 51}{space 3}0.724{col 59}{space 4}-.0651562{col 72}{space 3} .0937133
{txt}{space 12}_cons {c |}{col 19}{res}{space 2} .0151962{col 31}{space 2} .0190752{col 42}{space 1}    0.80{col 51}{space 3}0.426{col 59}{space 4}-.0222139{col 72}{space 3} .0526063
{txt}{hline 18}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       49{col 27}{space 1}        0{col 39}{result}{space 1}       49{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est5{txt} stored)

{com}. eststo: xi: reghdfe gd_ceodis_diff_365 ln_pr ceo_quint_5 ceo_quint_1 me_quint_5 me_quint_1 gd_ceodis_pre_365 size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1, absorb(indyr)
{res}{txt}(dropped 1 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     5,524
{txt}Absorbing 1 HDFE group{col 51}F({res}  16{txt},{res}   5362{txt}){col 67}= {res}    310.78
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.5147
{txt}{col 51}Adj R-squared{col 67}= {res}    0.5001
{txt}{col 51}Within R-sq.{col 67}= {res}    0.4812
{txt}{col 51}Root MSE{col 67}= {res}    0.0925

{txt}{hline 18}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_ceodis_dif~365{col 19}{c |}      Coef.{col 31}   Std. Err.{col 43}      t{col 51}   P>|t|{col 59}     [95% Con{col 72}f. Interval]
{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 12}ln_pr {c |}{col 19}{res}{space 2} .0016235{col 31}{space 2} .0018692{col 42}{space 1}    0.87{col 51}{space 3}0.385{col 59}{space 4}-.0020409{col 72}{space 3} .0052879
{txt}{space 6}ceo_quint_5 {c |}{col 19}{res}{space 2}-.0000954{col 31}{space 2} .0042748{col 42}{space 1}   -0.02{col 51}{space 3}0.982{col 59}{space 4}-.0084758{col 72}{space 3}  .008285
{txt}{space 6}ceo_quint_1 {c |}{col 19}{res}{space 2} .0063473{col 31}{space 2}  .004743{col 42}{space 1}    1.34{col 51}{space 3}0.181{col 59}{space 4}-.0029509{col 72}{space 3} .0156456
{txt}{space 7}me_quint_5 {c |}{col 19}{res}{space 2}-.0050288{col 31}{space 2} .0044125{col 42}{space 1}   -1.14{col 51}{space 3}0.254{col 59}{space 4}-.0136792{col 72}{space 3} .0036216
{txt}{space 7}me_quint_1 {c |}{col 19}{res}{space 2} .0018997{col 31}{space 2} .0041718{col 42}{space 1}    0.46{col 51}{space 3}0.649{col 59}{space 4}-.0062787{col 72}{space 3} .0100781
{txt}gd_ceodis_pre_365 {c |}{col 19}{res}{space 2} -.722686{col 31}{space 2} .0102795{col 42}{space 1}  -70.30{col 51}{space 3}0.000{col 59}{space 4}-.7428379{col 72}{space 3} -.702534
{txt}{space 13}size {c |}{col 19}{res}{space 2}-.0033482{col 31}{space 2} .0011939{col 42}{space 1}   -2.80{col 51}{space 3}0.005{col 59}{space 4}-.0056886{col 72}{space 3}-.0010078
{txt}{space 14}mtb {c |}{col 19}{res}{space 2}-.0017621{col 31}{space 2} .0008495{col 42}{space 1}   -2.07{col 51}{space 3}0.038{col 59}{space 4}-.0034274{col 72}{space 3}-.0000967
{txt}{space 14}roa {c |}{col 19}{res}{space 2}-.0305487{col 31}{space 2} .0136376{col 42}{space 1}   -2.24{col 51}{space 3}0.025{col 59}{space 4} -.057284{col 72}{space 3}-.0038135
{txt}{space 15}io {c |}{col 19}{res}{space 2} .0005243{col 31}{space 2} .0034425{col 42}{space 1}    0.15{col 51}{space 3}0.879{col 59}{space 4}-.0062244{col 72}{space 3} .0072729
{txt}{space 13}cash {c |}{col 19}{res}{space 2} .0027052{col 31}{space 2} .0107429{col 42}{space 1}    0.25{col 51}{space 3}0.801{col 59}{space 4}-.0183553{col 72}{space 3} .0237657
{txt}{space 14}lev {c |}{col 19}{res}{space 2}-.0021858{col 31}{space 2} .0055014{col 42}{space 1}   -0.40{col 51}{space 3}0.691{col 59}{space 4}-.0129707{col 72}{space 3} .0085992
{txt}{space 9}salesg_w {c |}{col 19}{res}{space 2}-.0138864{col 31}{space 2} .0049871{col 42}{space 1}   -2.78{col 51}{space 3}0.005{col 59}{space 4}-.0236631{col 72}{space 3}-.0041096
{txt}{space 14}tsr {c |}{col 19}{res}{space 2}-.0022202{col 31}{space 2} .0021644{col 42}{space 1}   -1.03{col 51}{space 3}0.305{col 59}{space 4}-.0064632{col 72}{space 3} .0020228
{txt}{space 12}union {c |}{col 19}{res}{space 2} .0073048{col 31}{space 2} .0031469{col 42}{space 1}    2.32{col 51}{space 3}0.020{col 59}{space 4} .0011356{col 72}{space 3}  .013474
{txt}{space 15}rd {c |}{col 19}{res}{space 2}-.0079063{col 31}{space 2} .0275706{col 42}{space 1}   -0.29{col 51}{space 3}0.774{col 59}{space 4} -.061956{col 72}{space 3} .0461434
{txt}{space 12}_cons {c |}{col 19}{res}{space 2} .0824246{col 31}{space 2} .0129815{col 42}{space 1}    6.35{col 51}{space 3}0.000{col 59}{space 4} .0569756{col 72}{space 3} .1078737
{txt}{hline 18}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      146{col 27}{space 1}        0{col 39}{result}{space 1}      146{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est6{txt} stored)

{com}. esttab using "Output/Tables/RF/T8_components_ratio_emp.csv", b(3) ar2 varwidth(25) title("Components of pay ratio and employees")  order(ln_pr ceo_quint_5 ceo_quint_1 me_quint_5 me_quint_1 gd_pay_pre_365 ln_prod_pre_365 gd_ceodis_pre_365 size mtb roa io cash lev salesg_w tsr union rd fixed_assets) star(* 0.10 ** 0.05  *** 0.01 ) drop(_cons) replace
{res}{txt}(output written to {browse  `"Output/Tables/RF/T8_components_ratio_emp.csv"'})

{com}. 
{txt}end of do-file

{com}. 
. // ------------------------------ Table 9: Media Reporting and Employee Outcomes
. do Code/produce_table9
{txt}
{com}. 
. ************************************************************************************************************
. **#                                                     TABLE 9 - MEDIA REPORRTING ON THE PAY RATIO
. ************************************************************************************************************
. 
. capture cd "C:\Users\austin.starkweather\Dropbox\Research\CEO Pay Ratio\Analysis"
{txt}
{com}. capture cd "/Users/joshw/Dropbox/CEO Pay Ratio/Analysis/"
{txt}
{com}. use "Data/Temp/dataset_main.dta", clear
{txt}
{com}. 
. *****************************
. *Summary Stats (not reported)
. *****************************
. 
. *Coverage indicator
. tabstat media_ind , by(pr_quint) stat(mean n)

{txt}Summary for variables: media_ind
{col 6}by categories of: pr_quint (pay ratio quintile (yearly))

{ralign 8:pr_quint} {...}
{c |}      mean         N
{hline 9}{c +}{hline 20}
{ralign 8:1} {...}
{c |}{...}
 {res} .0217391      1794
{txt}{ralign 8:2} {...}
{c |}{...}
 {res} .0180485      1773
{txt}{ralign 8:3} {...}
{c |}{...}
 {res} .0397953      1759
{txt}{ralign 8:4} {...}
{c |}{...}
 {res} .0696489      1766
{txt}{ralign 8:5} {...}
{c |}{...}
 {res} .1721591      1760
{txt}{hline 9}{c +}{hline 20}
{ralign 8:Total} {...}
{c |}{...}
 {res} .0640533      8852
{txt}{hline 9}{c BT}{hline 20}

{com}. tabstat media_ind if pr_quint>=2 & pr_quint<=4

{txt}{ralign 12:variable} {...}
{c |}      mean
{hline 13}{c +}{hline 10}
{ralign 12:media_ind} {...}
{c |}{...}
 {res} .0424689
{txt}{hline 13}{c BT}{hline 10}

{com}. 
. *Tone conditioned on coverage
. tabstat media_tone if(media_ind==1), by(pr_quint) stat(mean n)

{txt}Summary for variables: media_tone
{col 6}by categories of: pr_quint (pay ratio quintile (yearly))

{ralign 8:pr_quint} {...}
{c |}      mean         N
{hline 9}{c +}{hline 20}
{ralign 8:1} {...}
{c |}{...}
 {res} .4070513        39
{txt}{ralign 8:2} {...}
{c |}{...}
 {res} .1919643        32
{txt}{ralign 8:3} {...}
{c |}{...}
 {res} .1666667        70
{txt}{ralign 8:4} {...}
{c |}{...}
 {res}-.1910569       123
{txt}{ralign 8:5} {...}
{c |}{...}
 {res}-.7577558       303
{txt}{hline 9}{c +}{hline 20}
{ralign 8:Total} {...}
{c |}{...}
 {res}-.3869761       567
{txt}{hline 9}{c BT}{hline 20}

{com}. tabstat media_tone if pr_quint>=2 & pr_quint<=4 & media_ind==1

{txt}{ralign 12:variable} {...}
{c |}      mean
{hline 13}{c +}{hline 10}
{ralign 12:media_tone} {...}
{c |}{...}
 {res} -.025291
{txt}{hline 13}{c BT}{hline 10}

{com}. 
. **************************
. *Panel A - Media Reporting
. **************************
. est clear
{txt}
{com}. eststo: xi: reghdfe media_ind pr_quint_5 pr_quint_1 size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1, absorb(ffi49)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     2,401
{txt}Absorbing 1 HDFE group{col 51}F({res}  12{txt},{res}   2340{txt}){col 67}= {res}     28.91
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1587
{txt}{col 51}Adj R-squared{col 67}= {res}    0.1371
{txt}{col 51}Within R-sq.{col 67}= {res}    0.1291
{txt}{col 51}Root MSE{col 67}= {res}    0.2802

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}   media_ind{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}pr_quint_5 {c |}{col 14}{res}{space 2}  .095568{col 26}{space 2} .0175551{col 37}{space 1}    5.44{col 46}{space 3}0.000{col 54}{space 4} .0611429{col 67}{space 3} .1299931
{txt}{space 2}pr_quint_1 {c |}{col 14}{res}{space 2} .0416814{col 26}{space 2} .0174507{col 37}{space 1}    2.39{col 46}{space 3}0.017{col 54}{space 4} .0074611{col 67}{space 3} .0759017
{txt}{space 8}size {c |}{col 14}{res}{space 2} .0599834{col 26}{space 2}  .004589{col 37}{space 1}   13.07{col 46}{space 3}0.000{col 54}{space 4} .0509843{col 67}{space 3} .0689824
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0130067{col 26}{space 2} .0038991{col 37}{space 1}    3.34{col 46}{space 3}0.001{col 54}{space 4} .0053607{col 67}{space 3} .0206527
{txt}{space 9}roa {c |}{col 14}{res}{space 2} .0590075{col 26}{space 2} .0484402{col 37}{space 1}    1.22{col 46}{space 3}0.223{col 54}{space 4}-.0359827{col 67}{space 3} .1539976
{txt}{space 10}io {c |}{col 14}{res}{space 2}-.0376974{col 26}{space 2} .0250707{col 37}{space 1}   -1.50{col 46}{space 3}0.133{col 54}{space 4}-.0868606{col 67}{space 3} .0114657
{txt}{space 8}cash {c |}{col 14}{res}{space 2} .0798073{col 26}{space 2} .0430543{col 37}{space 1}    1.85{col 46}{space 3}0.064{col 54}{space 4}-.0046213{col 67}{space 3} .1642359
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.0193804{col 26}{space 2} .0269115{col 37}{space 1}   -0.72{col 46}{space 3}0.472{col 54}{space 4}-.0721533{col 67}{space 3} .0333926
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2}-.0171668{col 26}{space 2} .0193309{col 37}{space 1}   -0.89{col 46}{space 3}0.375{col 54}{space 4}-.0550743{col 67}{space 3} .0207406
{txt}{space 9}tsr {c |}{col 14}{res}{space 2}-.0031051{col 26}{space 2} .0140839{col 37}{space 1}   -0.22{col 46}{space 3}0.826{col 54}{space 4}-.0307234{col 67}{space 3} .0245132
{txt}{space 7}union {c |}{col 14}{res}{space 2} .0236731{col 26}{space 2}  .015113{col 37}{space 1}    1.57{col 46}{space 3}0.117{col 54}{space 4}-.0059632{col 67}{space 3} .0533094
{txt}{space 10}rd {c |}{col 14}{res}{space 2} .0408618{col 26}{space 2} .0656136{col 37}{space 1}    0.62{col 46}{space 3}0.534{col 54}{space 4} -.087805{col 67}{space 3} .1695285
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-.4163634{col 26}{space 2} .0418841{col 37}{space 1}   -9.94{col 46}{space 3}0.000{col 54}{space 4}-.4984972{col 67}{space 3}-.3342296
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       49{col 27}{space 1}        0{col 39}{result}{space 1}       49{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est1{txt} stored)

{com}. eststo: xi: reghdfe media_ind pr_quint_5 pr_quint_1 size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1, absorb(indyr)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     6,370
{txt}Absorbing 1 HDFE group{col 51}F({res}  12{txt},{res}   6211{txt}){col 67}= {res}     62.16
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1631
{txt}{col 51}Adj R-squared{col 67}= {res}    0.1418
{txt}{col 51}Within R-sq.{col 67}= {res}    0.1072
{txt}{col 51}Root MSE{col 67}= {res}    0.2036

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}   media_ind{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}pr_quint_5 {c |}{col 14}{res}{space 2} .0495879{col 26}{space 2} .0077334{col 37}{space 1}    6.41{col 46}{space 3}0.000{col 54}{space 4} .0344276{col 67}{space 3} .0647481
{txt}{space 2}pr_quint_1 {c |}{col 14}{res}{space 2} .0346325{col 26}{space 2} .0075865{col 37}{space 1}    4.57{col 46}{space 3}0.000{col 54}{space 4} .0197604{col 67}{space 3} .0495046
{txt}{space 8}size {c |}{col 14}{res}{space 2} .0440629{col 26}{space 2} .0020889{col 37}{space 1}   21.09{col 46}{space 3}0.000{col 54}{space 4}  .039968{col 67}{space 3} .0481578
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0084486{col 26}{space 2} .0016602{col 37}{space 1}    5.09{col 46}{space 3}0.000{col 54}{space 4}  .005194{col 67}{space 3} .0117032
{txt}{space 9}roa {c |}{col 14}{res}{space 2} .0690566{col 26}{space 2} .0230307{col 37}{space 1}    3.00{col 46}{space 3}0.003{col 54}{space 4} .0239085{col 67}{space 3} .1142048
{txt}{space 10}io {c |}{col 14}{res}{space 2} -.020047{col 26}{space 2} .0071949{col 37}{space 1}   -2.79{col 46}{space 3}0.005{col 54}{space 4}-.0341516{col 67}{space 3}-.0059424
{txt}{space 8}cash {c |}{col 14}{res}{space 2} .0846109{col 26}{space 2} .0210509{col 37}{space 1}    4.02{col 46}{space 3}0.000{col 54}{space 4} .0433439{col 67}{space 3} .1258779
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.0117161{col 26}{space 2} .0112291{col 37}{space 1}   -1.04{col 46}{space 3}0.297{col 54}{space 4} -.033729{col 67}{space 3} .0102968
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2}-.0175663{col 26}{space 2}  .009336{col 37}{space 1}   -1.88{col 46}{space 3}0.060{col 54}{space 4}-.0358681{col 67}{space 3} .0007355
{txt}{space 9}tsr {c |}{col 14}{res}{space 2}-.0053882{col 26}{space 2} .0035674{col 37}{space 1}   -1.51{col 46}{space 3}0.131{col 54}{space 4}-.0123814{col 67}{space 3} .0016051
{txt}{space 7}union {c |}{col 14}{res}{space 2}-.0054709{col 26}{space 2}   .00653{col 37}{space 1}   -0.84{col 46}{space 3}0.402{col 54}{space 4} -.018272{col 67}{space 3} .0073303
{txt}{space 10}rd {c |}{col 14}{res}{space 2} .1298796{col 26}{space 2}  .049712{col 37}{space 1}    2.61{col 46}{space 3}0.009{col 54}{space 4}  .032427{col 67}{space 3} .2273323
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-.3359219{col 26}{space 2} .0193619{col 37}{space 1}  -17.35{col 46}{space 3}0.000{col 54}{space 4}-.3738779{col 67}{space 3}-.2979658
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      147{col 27}{space 1}        0{col 39}{result}{space 1}      147{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est2{txt} stored)

{com}. eststo: xi: reghdfe media_ind ln_upr ln_epr size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1, absorb(ffi49)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     2,215
{txt}Absorbing 1 HDFE group{col 51}F({res}  12{txt},{res}   2154{txt}){col 67}= {res}     24.68
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1552
{txt}{col 51}Adj R-squared{col 67}= {res}    0.1317
{txt}{col 51}Within R-sq.{col 67}= {res}    0.1209
{txt}{col 51}Root MSE{col 67}= {res}    0.2816

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}   media_ind{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}ln_upr {c |}{col 14}{res}{space 2} .0148808{col 26}{space 2} .0073088{col 37}{space 1}    2.04{col 46}{space 3}0.042{col 54}{space 4} .0005478{col 67}{space 3} .0292138
{txt}{space 6}ln_epr {c |}{col 14}{res}{space 2}  .029694{col 26}{space 2} .0252251{col 37}{space 1}    1.18{col 46}{space 3}0.239{col 54}{space 4}-.0197741{col 67}{space 3}  .079162
{txt}{space 8}size {c |}{col 14}{res}{space 2} .0568205{col 26}{space 2} .0102561{col 37}{space 1}    5.54{col 46}{space 3}0.000{col 54}{space 4} .0367076{col 67}{space 3} .0769334
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0129223{col 26}{space 2} .0041936{col 37}{space 1}    3.08{col 46}{space 3}0.002{col 54}{space 4} .0046983{col 67}{space 3} .0211463
{txt}{space 9}roa {c |}{col 14}{res}{space 2} .0471687{col 26}{space 2} .0545063{col 37}{space 1}    0.87{col 46}{space 3}0.387{col 54}{space 4}-.0597218{col 67}{space 3} .1540591
{txt}{space 10}io {c |}{col 14}{res}{space 2} -.060094{col 26}{space 2} .0269236{col 37}{space 1}   -2.23{col 46}{space 3}0.026{col 54}{space 4}-.1128929{col 67}{space 3}-.0072951
{txt}{space 8}cash {c |}{col 14}{res}{space 2} .1318768{col 26}{space 2} .0471451{col 37}{space 1}    2.80{col 46}{space 3}0.005{col 54}{space 4}  .039422{col 67}{space 3} .2243315
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.0222276{col 26}{space 2} .0278795{col 37}{space 1}   -0.80{col 46}{space 3}0.425{col 54}{space 4}-.0769011{col 67}{space 3}  .032446
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2} -.013957{col 26}{space 2} .0208912{col 37}{space 1}   -0.67{col 46}{space 3}0.504{col 54}{space 4}-.0549261{col 67}{space 3} .0270121
{txt}{space 9}tsr {c |}{col 14}{res}{space 2}-.0020437{col 26}{space 2} .0149749{col 37}{space 1}   -0.14{col 46}{space 3}0.891{col 54}{space 4}-.0314103{col 67}{space 3}  .027323
{txt}{space 7}union {c |}{col 14}{res}{space 2} .0147238{col 26}{space 2} .0159344{col 37}{space 1}    0.92{col 46}{space 3}0.356{col 54}{space 4}-.0165246{col 67}{space 3} .0459722
{txt}{space 10}rd {c |}{col 14}{res}{space 2} .0409531{col 26}{space 2} .1163401{col 37}{space 1}    0.35{col 46}{space 3}0.725{col 54}{space 4}-.1871976{col 67}{space 3} .2691038
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-.4758951{col 26}{space 2} .0506561{col 37}{space 1}   -9.39{col 46}{space 3}0.000{col 54}{space 4}-.5752351{col 67}{space 3}-.3765551
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       49{col 27}{space 1}        0{col 39}{result}{space 1}       49{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est3{txt} stored)

{com}. eststo: xi: reghdfe media_ind ln_upr ln_epr size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1, absorb(indyr)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     6,002
{txt}Absorbing 1 HDFE group{col 51}F({res}  12{txt},{res}   5843{txt}){col 67}= {res}     54.85
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1581
{txt}{col 51}Adj R-squared{col 67}= {res}    0.1354
{txt}{col 51}Within R-sq.{col 67}= {res}    0.1012
{txt}{col 51}Root MSE{col 67}= {res}    0.2052

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}   media_ind{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}ln_upr {c |}{col 14}{res}{space 2} .0076467{col 26}{space 2} .0033675{col 37}{space 1}    2.27{col 46}{space 3}0.023{col 54}{space 4} .0010452{col 67}{space 3} .0142483
{txt}{space 6}ln_epr {c |}{col 14}{res}{space 2} .0169809{col 26}{space 2} .0114683{col 37}{space 1}    1.48{col 46}{space 3}0.139{col 54}{space 4}-.0055013{col 67}{space 3} .0394631
{txt}{space 8}size {c |}{col 14}{res}{space 2} .0394378{col 26}{space 2} .0046371{col 37}{space 1}    8.50{col 46}{space 3}0.000{col 54}{space 4} .0303473{col 67}{space 3} .0485283
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0083657{col 26}{space 2} .0017661{col 37}{space 1}    4.74{col 46}{space 3}0.000{col 54}{space 4} .0049035{col 67}{space 3} .0118279
{txt}{space 9}roa {c |}{col 14}{res}{space 2} .0771813{col 26}{space 2} .0267308{col 37}{space 1}    2.89{col 46}{space 3}0.004{col 54}{space 4} .0247791{col 67}{space 3} .1295835
{txt}{space 10}io {c |}{col 14}{res}{space 2}-.0238983{col 26}{space 2} .0073494{col 37}{space 1}   -3.25{col 46}{space 3}0.001{col 54}{space 4}-.0383058{col 67}{space 3}-.0094908
{txt}{space 8}cash {c |}{col 14}{res}{space 2} .1091174{col 26}{space 2} .0222672{col 37}{space 1}    4.90{col 46}{space 3}0.000{col 54}{space 4} .0654654{col 67}{space 3} .1527693
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.0105806{col 26}{space 2} .0117804{col 37}{space 1}   -0.90{col 46}{space 3}0.369{col 54}{space 4}-.0336745{col 67}{space 3} .0125134
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2}-.0165625{col 26}{space 2} .0100278{col 37}{space 1}   -1.65{col 46}{space 3}0.099{col 54}{space 4}-.0362208{col 67}{space 3} .0030957
{txt}{space 9}tsr {c |}{col 14}{res}{space 2}-.0069785{col 26}{space 2} .0045098{col 37}{space 1}   -1.55{col 46}{space 3}0.122{col 54}{space 4}-.0158193{col 67}{space 3} .0018624
{txt}{space 7}union {c |}{col 14}{res}{space 2}-.0059267{col 26}{space 2} .0068243{col 37}{space 1}   -0.87{col 46}{space 3}0.385{col 54}{space 4}-.0193049{col 67}{space 3} .0074515
{txt}{space 10}rd {c |}{col 14}{res}{space 2}  .160997{col 26}{space 2} .0548333{col 37}{space 1}    2.94{col 46}{space 3}0.003{col 54}{space 4} .0535035{col 67}{space 3} .2684905
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}  -.35578{col 26}{space 2} .0227017{col 37}{space 1}  -15.67{col 46}{space 3}0.000{col 54}{space 4}-.4002837{col 67}{space 3}-.3112763
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      147{col 27}{space 1}        0{col 39}{result}{space 1}      147{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est4{txt} stored)

{com}. eststo: xi: reghdfe media_tone pr_quint_5 pr_quint_1 size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1 & media_ind==1, absorb(ffi49)
{res}{txt}(dropped 13 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}       230
{txt}Absorbing 1 HDFE group{col 51}F({res}  12{txt},{res}    189{txt}){col 67}= {res}     15.29
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.5983
{txt}{col 51}Adj R-squared{col 67}= {res}    0.5133
{txt}{col 51}Within R-sq.{col 67}= {res}    0.4926
{txt}{col 51}Root MSE{col 67}= {res}    0.5237

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}  media_tone{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}pr_quint_5 {c |}{col 14}{res}{space 2}-.7812143{col 26}{space 2} .0906824{col 37}{space 1}   -8.61{col 46}{space 3}0.000{col 54}{space 4} -.960094{col 67}{space 3}-.6023347
{txt}{space 2}pr_quint_1 {c |}{col 14}{res}{space 2} .6293944{col 26}{space 2} .1707125{col 37}{space 1}    3.69{col 46}{space 3}0.000{col 54}{space 4} .2926477{col 67}{space 3} .9661412
{txt}{space 8}size {c |}{col 14}{res}{space 2}-.0527575{col 26}{space 2} .0256581{col 37}{space 1}   -2.06{col 46}{space 3}0.041{col 54}{space 4}-.1033704{col 67}{space 3}-.0021445
{txt}{space 9}mtb {c |}{col 14}{res}{space 2}-.0143804{col 26}{space 2} .0381444{col 37}{space 1}   -0.38{col 46}{space 3}0.707{col 54}{space 4}-.0896238{col 67}{space 3}  .060863
{txt}{space 9}roa {c |}{col 14}{res}{space 2} .3673293{col 26}{space 2} .5177482{col 37}{space 1}    0.71{col 46}{space 3}0.479{col 54}{space 4}-.6539782{col 67}{space 3} 1.388637
{txt}{space 10}io {c |}{col 14}{res}{space 2} .0259109{col 26}{space 2} .2080528{col 37}{space 1}    0.12{col 46}{space 3}0.901{col 54}{space 4}-.3844931{col 67}{space 3} .4363149
{txt}{space 8}cash {c |}{col 14}{res}{space 2}-.1065977{col 26}{space 2} .3266508{col 37}{space 1}   -0.33{col 46}{space 3}0.745{col 54}{space 4}-.7509475{col 67}{space 3} .5377521
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.0814589{col 26}{space 2} .1574143{col 37}{space 1}   -0.52{col 46}{space 3}0.605{col 54}{space 4}-.3919735{col 67}{space 3} .2290557
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2} .1789647{col 26}{space 2} .1665835{col 37}{space 1}    1.07{col 46}{space 3}0.284{col 54}{space 4}-.1496371{col 67}{space 3} .5075665
{txt}{space 9}tsr {c |}{col 14}{res}{space 2}-.2752235{col 26}{space 2} .1180113{col 37}{space 1}   -2.33{col 46}{space 3}0.021{col 54}{space 4} -.508012{col 67}{space 3}-.0424351
{txt}{space 7}union {c |}{col 14}{res}{space 2}-.0862848{col 26}{space 2} .0889952{col 37}{space 1}   -0.97{col 46}{space 3}0.334{col 54}{space 4}-.2618363{col 67}{space 3} .0892667
{txt}{space 10}rd {c |}{col 14}{res}{space 2} 1.528272{col 26}{space 2} .9691084{col 37}{space 1}    1.58{col 46}{space 3}0.116{col 54}{space 4}-.3833866{col 67}{space 3}  3.43993
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} .5913116{col 26}{space 2} .3251497{col 37}{space 1}    1.82{col 46}{space 3}0.071{col 54}{space 4}-.0500771{col 67}{space 3}   1.2327
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       29{col 27}{space 1}        0{col 39}{result}{space 1}       29{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est5{txt} stored)

{com}. eststo: xi: reghdfe media_tone pr_quint_5 pr_quint_1 size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1 & media_ind==1, absorb(indyr)
{res}{txt}(dropped 30 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}       294
{txt}Absorbing 1 HDFE group{col 51}F({res}  12{txt},{res}    225{txt}){col 67}= {res}      5.45
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4158
{txt}{col 51}Adj R-squared{col 67}= {res}    0.2392
{txt}{col 51}Within R-sq.{col 67}= {res}    0.2252
{txt}{col 51}Root MSE{col 67}= {res}    0.5934

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}  media_tone{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}pr_quint_5 {c |}{col 14}{res}{space 2}-.6574519{col 26}{space 2} .1028145{col 37}{space 1}   -6.39{col 46}{space 3}0.000{col 54}{space 4}-.8600544{col 67}{space 3}-.4548493
{txt}{space 2}pr_quint_1 {c |}{col 14}{res}{space 2} .2402588{col 26}{space 2} .1650504{col 37}{space 1}    1.46{col 46}{space 3}0.147{col 54}{space 4}-.0849836{col 67}{space 3} .5655011
{txt}{space 8}size {c |}{col 14}{res}{space 2} .0159648{col 26}{space 2} .0286443{col 37}{space 1}    0.56{col 46}{space 3}0.578{col 54}{space 4}-.0404805{col 67}{space 3} .0724102
{txt}{space 9}mtb {c |}{col 14}{res}{space 2}-.0439109{col 26}{space 2} .0327863{col 37}{space 1}   -1.34{col 46}{space 3}0.182{col 54}{space 4}-.1085184{col 67}{space 3} .0206965
{txt}{space 9}roa {c |}{col 14}{res}{space 2} 1.255469{col 26}{space 2}  .641867{col 37}{space 1}    1.96{col 46}{space 3}0.052{col 54}{space 4}-.0093709{col 67}{space 3} 2.520308
{txt}{space 10}io {c |}{col 14}{res}{space 2}-.1005495{col 26}{space 2} .1709097{col 37}{space 1}   -0.59{col 46}{space 3}0.557{col 54}{space 4}-.4373379{col 67}{space 3} .2362389
{txt}{space 8}cash {c |}{col 14}{res}{space 2} .4183955{col 26}{space 2} .3717974{col 37}{space 1}    1.13{col 46}{space 3}0.262{col 54}{space 4}-.3142548{col 67}{space 3} 1.151046
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.1618612{col 26}{space 2} .1519271{col 37}{space 1}   -1.07{col 46}{space 3}0.288{col 54}{space 4}-.4612431{col 67}{space 3} .1375208
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2}-.2503219{col 26}{space 2} .2373123{col 37}{space 1}   -1.05{col 46}{space 3}0.293{col 54}{space 4}-.7179609{col 67}{space 3} .2173171
{txt}{space 9}tsr {c |}{col 14}{res}{space 2} .1635736{col 26}{space 2} .1047377{col 37}{space 1}    1.56{col 46}{space 3}0.120{col 54}{space 4}-.0428186{col 67}{space 3} .3699659
{txt}{space 7}union {c |}{col 14}{res}{space 2}-.0046567{col 26}{space 2} .0943759{col 37}{space 1}   -0.05{col 46}{space 3}0.961{col 54}{space 4}-.1906303{col 67}{space 3}  .181317
{txt}{space 10}rd {c |}{col 14}{res}{space 2} 1.137567{col 26}{space 2} 1.114511{col 37}{space 1}    1.02{col 46}{space 3}0.308{col 54}{space 4}-1.058648{col 67}{space 3} 3.333782
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-.1976873{col 26}{space 2} .3338074{col 37}{space 1}   -0.59{col 46}{space 3}0.554{col 54}{space 4} -.855476{col 67}{space 3} .4601014
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}       57{col 27}{space 1}        0{col 39}{result}{space 1}       57{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est6{txt} stored)

{com}. eststo: xi: reghdfe media_tone ln_upr ln_epr size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1 & media_ind==1, absorb(ffi49)
{res}{txt}(dropped 13 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}       212
{txt}Absorbing 1 HDFE group{col 51}F({res}  12{txt},{res}    172{txt}){col 67}= {res}     12.04
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.5844
{txt}{col 51}Adj R-squared{col 67}= {res}    0.4902
{txt}{col 51}Within R-sq.{col 67}= {res}    0.4566
{txt}{col 51}Root MSE{col 67}= {res}    0.5309

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}  media_tone{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}ln_upr {c |}{col 14}{res}{space 2}-.3371198{col 26}{space 2} .0381653{col 37}{space 1}   -8.83{col 46}{space 3}0.000{col 54}{space 4}-.4124525{col 67}{space 3}-.2617872
{txt}{space 6}ln_epr {c |}{col 14}{res}{space 2}-.0821273{col 26}{space 2} .1648834{col 37}{space 1}   -0.50{col 46}{space 3}0.619{col 54}{space 4}-.4075828{col 67}{space 3} .2433282
{txt}{space 8}size {c |}{col 14}{res}{space 2}-.1461818{col 26}{space 2} .0612157{col 37}{space 1}   -2.39{col 46}{space 3}0.018{col 54}{space 4}-.2670125{col 67}{space 3}-.0253511
{txt}{space 9}mtb {c |}{col 14}{res}{space 2}-.0439126{col 26}{space 2} .0401863{col 37}{space 1}   -1.09{col 46}{space 3}0.276{col 54}{space 4}-.1232344{col 67}{space 3} .0354093
{txt}{space 9}roa {c |}{col 14}{res}{space 2} 1.007679{col 26}{space 2} .5392111{col 37}{space 1}    1.87{col 46}{space 3}0.063{col 54}{space 4}-.0566434{col 67}{space 3} 2.072002
{txt}{space 10}io {c |}{col 14}{res}{space 2} .2164997{col 26}{space 2} .2390943{col 37}{space 1}    0.91{col 46}{space 3}0.366{col 54}{space 4}-.2554371{col 67}{space 3} .6884364
{txt}{space 8}cash {c |}{col 14}{res}{space 2}-.0384493{col 26}{space 2} .3424374{col 37}{space 1}   -0.11{col 46}{space 3}0.911{col 54}{space 4}  -.71437{col 67}{space 3} .6374715
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.1807431{col 26}{space 2} .1645915{col 37}{space 1}   -1.10{col 46}{space 3}0.274{col 54}{space 4}-.5056225{col 67}{space 3} .1441362
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2} .2606096{col 26}{space 2} .1749262{col 37}{space 1}    1.49{col 46}{space 3}0.138{col 54}{space 4} -.084669{col 67}{space 3} .6058881
{txt}{space 9}tsr {c |}{col 14}{res}{space 2}-.1893198{col 26}{space 2} .1230885{col 37}{space 1}   -1.54{col 46}{space 3}0.126{col 54}{space 4}-.4322783{col 67}{space 3} .0536387
{txt}{space 7}union {c |}{col 14}{res}{space 2}-.0826193{col 26}{space 2}  .096918{col 37}{space 1}   -0.85{col 46}{space 3}0.395{col 54}{space 4}-.2739211{col 67}{space 3} .1086826
{txt}{space 10}rd {c |}{col 14}{res}{space 2} 2.342947{col 26}{space 2} 1.005523{col 37}{space 1}    2.33{col 46}{space 3}0.021{col 54}{space 4} .3581931{col 67}{space 3} 4.327702
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 1.400826{col 26}{space 2} .4761609{col 37}{space 1}    2.94{col 46}{space 3}0.004{col 54}{space 4} .4609551{col 67}{space 3} 2.340698
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       28{col 27}{space 1}        0{col 39}{result}{space 1}       28{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est7{txt} stored)

{com}. eststo: xi: reghdfe media_tone ln_upr ln_epr size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1 & media_ind==1, absorb(indyr)
{res}{txt}(dropped 30 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}       278
{txt}Absorbing 1 HDFE group{col 51}F({res}  12{txt},{res}    210{txt}){col 67}= {res}      6.40
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4560
{txt}{col 51}Adj R-squared{col 67}= {res}    0.2824
{txt}{col 51}Within R-sq.{col 67}= {res}    0.2678
{txt}{col 51}Root MSE{col 67}= {res}    0.5831

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}  media_tone{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}ln_upr {c |}{col 14}{res}{space 2}-.2814925{col 26}{space 2} .0399276{col 37}{space 1}   -7.05{col 46}{space 3}0.000{col 54}{space 4}-.3602028{col 67}{space 3}-.2027821
{txt}{space 6}ln_epr {c |}{col 14}{res}{space 2}-.6271765{col 26}{space 2} .2001406{col 37}{space 1}   -3.13{col 46}{space 3}0.002{col 54}{space 4}-1.021719{col 67}{space 3}-.2326343
{txt}{space 8}size {c |}{col 14}{res}{space 2}  .099268{col 26}{space 2} .0722192{col 37}{space 1}    1.37{col 46}{space 3}0.171{col 54}{space 4}-.0430996{col 67}{space 3} .2416355
{txt}{space 9}mtb {c |}{col 14}{res}{space 2}-.0297313{col 26}{space 2} .0337564{col 37}{space 1}   -0.88{col 46}{space 3}0.379{col 54}{space 4}-.0962761{col 67}{space 3} .0368135
{txt}{space 9}roa {c |}{col 14}{res}{space 2} 1.255019{col 26}{space 2} .6533955{col 37}{space 1}    1.92{col 46}{space 3}0.056{col 54}{space 4}-.0330362{col 67}{space 3} 2.543073
{txt}{space 10}io {c |}{col 14}{res}{space 2}-.1231653{col 26}{space 2} .1757691{col 37}{space 1}   -0.70{col 46}{space 3}0.484{col 54}{space 4}-.4696632{col 67}{space 3} .2233326
{txt}{space 8}cash {c |}{col 14}{res}{space 2}-.2790328{col 26}{space 2} .3945746{col 37}{space 1}   -0.71{col 46}{space 3}0.480{col 54}{space 4}-1.056867{col 67}{space 3} .4988019
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.1962527{col 26}{space 2}  .165831{col 37}{space 1}   -1.18{col 46}{space 3}0.238{col 54}{space 4}-.5231594{col 67}{space 3}  .130654
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2}-.3558387{col 26}{space 2} .2428632{col 37}{space 1}   -1.47{col 46}{space 3}0.144{col 54}{space 4} -.834601{col 67}{space 3} .1229235
{txt}{space 9}tsr {c |}{col 14}{res}{space 2} .0989672{col 26}{space 2} .1068641{col 37}{space 1}    0.93{col 46}{space 3}0.355{col 54}{space 4}-.1116967{col 67}{space 3}  .309631
{txt}{space 7}union {c |}{col 14}{res}{space 2} .0798591{col 26}{space 2} .0982086{col 37}{space 1}    0.81{col 46}{space 3}0.417{col 54}{space 4}-.1137419{col 67}{space 3} .2734601
{txt}{space 10}rd {c |}{col 14}{res}{space 2} 1.323234{col 26}{space 2} 1.125329{col 37}{space 1}    1.18{col 46}{space 3}0.241{col 54}{space 4} -.895154{col 67}{space 3} 3.541622
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 1.995528{col 26}{space 2} .5037233{col 37}{space 1}    3.96{col 46}{space 3}0.000{col 54}{space 4} 1.002526{col 67}{space 3}  2.98853
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}       56{col 27}{space 1}        0{col 39}{result}{space 1}       56{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est8{txt} stored)

{com}. esttab using "Output/Tables/RF/T9_media_reporting.csv", b(3) ar2 varwidth(25) title("Media reporting") order(pr_quint_5 pr_quint_1 ln_upr ln_epr size mtb roa io cash lev salesg_w tsr union rd) star(* 0.10 ** 0.05  *** 0.01 ) drop(_cons) replace
{res}{txt}(output written to {browse  `"Output/Tables/RF/T9_media_reporting.csv"'})

{com}. 
. ***************************************
. *Panel B - Media Coverage and Employees
. ***************************************
. est clear
{txt}
{com}. eststo: reghdfe gd_pay_diff_365 pr_quint_5 pr_quint_1 media_ind gd_pay_pre_365 size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1, absorb(ffi49)        
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     1,984
{txt}Absorbing 1 HDFE group{col 51}F({res}  14{txt},{res}   1921{txt}){col 67}= {res}     58.44
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.3119
{txt}{col 51}Adj R-squared{col 67}= {res}    0.2897
{txt}{col 51}Within R-sq.{col 67}= {res}    0.2987
{txt}{col 51}Root MSE{col 67}= {res}    0.5353

{txt}{hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_pay_dif~365{col 16}{c |}      Coef.{col 28}   Std. Err.{col 40}      t{col 48}   P>|t|{col 56}     [95% Con{col 69}f. Interval]
{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}pr_quint_5 {c |}{col 16}{res}{space 2}-.0638546{col 28}{space 2} .0356305{col 39}{space 1}   -1.79{col 48}{space 3}0.073{col 56}{space 4}-.1337331{col 69}{space 3}  .006024
{txt}{space 4}pr_quint_1 {c |}{col 16}{res}{space 2} .0862747{col 28}{space 2} .0406388{col 39}{space 1}    2.12{col 48}{space 3}0.034{col 56}{space 4} .0065738{col 69}{space 3} .1659755
{txt}{space 5}media_ind {c |}{col 16}{res}{space 2}-.0291144{col 28}{space 2}  .041669{col 39}{space 1}   -0.70{col 48}{space 3}0.485{col 56}{space 4}-.1108356{col 69}{space 3} .0526067
{txt}gd_pay_pre_365 {c |}{col 16}{res}{space 2}-.6033022{col 28}{space 2} .0212848{col 39}{space 1}  -28.34{col 48}{space 3}0.000{col 56}{space 4}-.6450458{col 69}{space 3}-.5615585
{txt}{space 10}size {c |}{col 16}{res}{space 2} .0625003{col 28}{space 2} .0102753{col 39}{space 1}    6.08{col 48}{space 3}0.000{col 56}{space 4} .0423484{col 69}{space 3} .0826523
{txt}{space 11}mtb {c |}{col 16}{res}{space 2} .0089263{col 28}{space 2}  .009847{col 39}{space 1}    0.91{col 48}{space 3}0.365{col 56}{space 4}-.0103855{col 69}{space 3} .0282382
{txt}{space 11}roa {c |}{col 16}{res}{space 2}  .072989{col 28}{space 2} .1355011{col 39}{space 1}    0.54{col 48}{space 3}0.590{col 56}{space 4}-.1927557{col 69}{space 3} .3387338
{txt}{space 12}io {c |}{col 16}{res}{space 2} .0878563{col 28}{space 2} .0565847{col 39}{space 1}    1.55{col 48}{space 3}0.121{col 56}{space 4}-.0231176{col 69}{space 3} .1988302
{txt}{space 10}cash {c |}{col 16}{res}{space 2} .1579527{col 28}{space 2} .0978303{col 39}{space 1}    1.61{col 48}{space 3}0.107{col 56}{space 4} -.033912{col 69}{space 3} .3498175
{txt}{space 11}lev {c |}{col 16}{res}{space 2}-.0150115{col 28}{space 2} .0577389{col 39}{space 1}   -0.26{col 48}{space 3}0.795{col 56}{space 4} -.128249{col 69}{space 3}  .098226
{txt}{space 6}salesg_w {c |}{col 16}{res}{space 2} .0432219{col 28}{space 2} .0441054{col 39}{space 1}    0.98{col 48}{space 3}0.327{col 56}{space 4}-.0432775{col 69}{space 3} .1297213
{txt}{space 11}tsr {c |}{col 16}{res}{space 2} .0175173{col 28}{space 2} .0312372{col 39}{space 1}    0.56{col 48}{space 3}0.575{col 56}{space 4}-.0437452{col 69}{space 3} .0787798
{txt}{space 9}union {c |}{col 16}{res}{space 2}-.0298152{col 28}{space 2} .0311756{col 39}{space 1}   -0.96{col 48}{space 3}0.339{col 56}{space 4}-.0909569{col 69}{space 3} .0313264
{txt}{space 12}rd {c |}{col 16}{res}{space 2} .4139057{col 28}{space 2} .2677597{col 39}{space 1}    1.55{col 48}{space 3}0.122{col 56}{space 4}-.1112245{col 69}{space 3} .9390359
{txt}{space 9}_cons {c |}{col 16}{res}{space 2} 1.453952{col 28}{space 2} .1075447{col 39}{space 1}   13.52{col 48}{space 3}0.000{col 56}{space 4} 1.243036{col 69}{space 3} 1.664869
{txt}{hline 15}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       49{col 27}{space 1}        0{col 39}{result}{space 1}       49{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est1{txt} stored)

{com}. eststo: reghdfe gd_pay_diff_365 pr_quint_5 pr_quint_1 media_ind gd_pay_pre_365 size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1, absorb(indyr)        
{res}{txt}(dropped 1 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     5,471
{txt}Absorbing 1 HDFE group{col 51}F({res}  14{txt},{res}   5311{txt}){col 67}= {res}    214.37
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.3839
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3654
{txt}{col 51}Within R-sq.{col 67}= {res}    0.3611
{txt}{col 51}Root MSE{col 67}= {res}    0.5099

{txt}{hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_pay_dif~365{col 16}{c |}      Coef.{col 28}   Std. Err.{col 40}      t{col 48}   P>|t|{col 56}     [95% Con{col 69}f. Interval]
{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}pr_quint_5 {c |}{col 16}{res}{space 2}-.0867851{col 28}{space 2} .0203722{col 39}{space 1}   -4.26{col 48}{space 3}0.000{col 56}{space 4}-.1267229{col 69}{space 3}-.0468472
{txt}{space 4}pr_quint_1 {c |}{col 16}{res}{space 2} .0409325{col 28}{space 2} .0220358{col 39}{space 1}    1.86{col 48}{space 3}0.063{col 56}{space 4}-.0022667{col 69}{space 3} .0841317
{txt}{space 5}media_ind {c |}{col 16}{res}{space 2} .0512259{col 28}{space 2}  .032792{col 39}{space 1}    1.56{col 48}{space 3}0.118{col 56}{space 4}-.0130598{col 69}{space 3} .1155116
{txt}gd_pay_pre_365 {c |}{col 16}{res}{space 2}-.6622423{col 28}{space 2} .0121466{col 39}{space 1}  -54.52{col 48}{space 3}0.000{col 56}{space 4}-.6860545{col 69}{space 3}  -.63843
{txt}{space 10}size {c |}{col 16}{res}{space 2} .0636861{col 28}{space 2}  .006007{col 39}{space 1}   10.60{col 48}{space 3}0.000{col 56}{space 4}   .05191{col 69}{space 3} .0754622
{txt}{space 11}mtb {c |}{col 16}{res}{space 2} .0162657{col 28}{space 2} .0047196{col 39}{space 1}    3.45{col 48}{space 3}0.001{col 56}{space 4} .0070132{col 69}{space 3} .0255181
{txt}{space 11}roa {c |}{col 16}{res}{space 2} .1235953{col 28}{space 2} .0771867{col 39}{space 1}    1.60{col 48}{space 3}0.109{col 56}{space 4}-.0277223{col 69}{space 3} .2749129
{txt}{space 12}io {c |}{col 16}{res}{space 2}  .037455{col 28}{space 2} .0188981{col 39}{space 1}    1.98{col 48}{space 3}0.048{col 56}{space 4} .0004069{col 69}{space 3} .0745031
{txt}{space 10}cash {c |}{col 16}{res}{space 2} .1089459{col 28}{space 2} .0588601{col 39}{space 1}    1.85{col 48}{space 3}0.064{col 56}{space 4}-.0064441{col 69}{space 3} .2243358
{txt}{space 11}lev {c |}{col 16}{res}{space 2}-.0473079{col 28}{space 2} .0308256{col 39}{space 1}   -1.53{col 48}{space 3}0.125{col 56}{space 4}-.1077387{col 69}{space 3} .0131229
{txt}{space 6}salesg_w {c |}{col 16}{res}{space 2} .1102762{col 28}{space 2} .0277337{col 39}{space 1}    3.98{col 48}{space 3}0.000{col 56}{space 4} .0559067{col 69}{space 3} .1646457
{txt}{space 11}tsr {c |}{col 16}{res}{space 2} .0267979{col 28}{space 2} .0118485{col 39}{space 1}    2.26{col 48}{space 3}0.024{col 56}{space 4} .0035699{col 69}{space 3} .0500259
{txt}{space 9}union {c |}{col 16}{res}{space 2}-.0088445{col 28}{space 2} .0173758{col 39}{space 1}   -0.51{col 48}{space 3}0.611{col 56}{space 4}-.0429082{col 69}{space 3} .0252192
{txt}{space 12}rd {c |}{col 16}{res}{space 2} .7070032{col 28}{space 2} .1517119{col 39}{space 1}    4.66{col 48}{space 3}0.000{col 56}{space 4} .4095856{col 69}{space 3} 1.004421
{txt}{space 9}_cons {c |}{col 16}{res}{space 2} 1.729699{col 28}{space 2} .0629569{col 39}{space 1}   27.47{col 48}{space 3}0.000{col 56}{space 4} 1.606278{col 69}{space 3}  1.85312
{txt}{hline 15}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      146{col 27}{space 1}        0{col 39}{result}{space 1}      146{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est2{txt} stored)

{com}. eststo: reghdfe ln_prod_diff     pr_quint_5 pr_quint_1 media_ind ln_prod_pre_365 size mtb roa io cash lev salesg_w tsr union rd fixed_assets if sample_yr==1, absorb(ffi49)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     2,053
{txt}Absorbing 1 HDFE group{col 51}F({res}  15{txt},{res}   1989{txt}){col 67}= {res}      8.56
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.0865
{txt}{col 51}Adj R-squared{col 67}= {res}    0.0576
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0606
{txt}{col 51}Root MSE{col 67}= {res}    0.2933

{txt}{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}   ln_prod_diff{col 17}{c |}      Coef.{col 29}   Std. Err.{col 41}      t{col 49}   P>|t|{col 57}     [95% Con{col 70}f. Interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 5}pr_quint_5 {c |}{col 17}{res}{space 2}-.0453528{col 29}{space 2} .0200784{col 40}{space 1}   -2.26{col 49}{space 3}0.024{col 57}{space 4}-.0847297{col 70}{space 3}-.0059759
{txt}{space 5}pr_quint_1 {c |}{col 17}{res}{space 2} .0425864{col 29}{space 2} .0209932{col 40}{space 1}    2.03{col 49}{space 3}0.043{col 57}{space 4} .0014153{col 70}{space 3} .0837575
{txt}{space 6}media_ind {c |}{col 17}{res}{space 2}-.0005178{col 29}{space 2} .0225302{col 40}{space 1}   -0.02{col 49}{space 3}0.982{col 57}{space 4} -.044703{col 70}{space 3} .0436674
{txt}ln_prod_pre_365 {c |}{col 17}{res}{space 2}-.0754434{col 29}{space 2} .0092949{col 40}{space 1}   -8.12{col 49}{space 3}0.000{col 57}{space 4}-.0936722{col 70}{space 3}-.0572145
{txt}{space 11}size {c |}{col 17}{res}{space 2} .0180066{col 29}{space 2} .0056835{col 40}{space 1}    3.17{col 49}{space 3}0.002{col 57}{space 4} .0068605{col 70}{space 3} .0291528
{txt}{space 12}mtb {c |}{col 17}{res}{space 2}-.0093516{col 29}{space 2} .0044591{col 40}{space 1}   -2.10{col 49}{space 3}0.036{col 57}{space 4}-.0180966{col 70}{space 3}-.0006065
{txt}{space 12}roa {c |}{col 17}{res}{space 2} .0920167{col 29}{space 2} .0616187{col 40}{space 1}    1.49{col 49}{space 3}0.136{col 57}{space 4}-.0288274{col 70}{space 3} .2128607
{txt}{space 13}io {c |}{col 17}{res}{space 2} .1013744{col 29}{space 2} .0291369{col 40}{space 1}    3.48{col 49}{space 3}0.001{col 57}{space 4} .0442322{col 70}{space 3} .1585165
{txt}{space 11}cash {c |}{col 17}{res}{space 2}-.1888835{col 29}{space 2} .0510564{col 40}{space 1}   -3.70{col 49}{space 3}0.000{col 57}{space 4}-.2890132{col 70}{space 3}-.0887538
{txt}{space 12}lev {c |}{col 17}{res}{space 2} .0242273{col 29}{space 2} .0305889{col 40}{space 1}    0.79{col 49}{space 3}0.428{col 57}{space 4}-.0357623{col 70}{space 3} .0842169
{txt}{space 7}salesg_w {c |}{col 17}{res}{space 2}-.0665052{col 29}{space 2} .0230147{col 40}{space 1}   -2.89{col 49}{space 3}0.004{col 57}{space 4}-.1116406{col 70}{space 3}-.0213698
{txt}{space 12}tsr {c |}{col 17}{res}{space 2}  .071779{col 29}{space 2} .0160096{col 40}{space 1}    4.48{col 49}{space 3}0.000{col 57}{space 4} .0403817{col 70}{space 3} .1031763
{txt}{space 10}union {c |}{col 17}{res}{space 2}-.0334528{col 29}{space 2}  .016968{col 40}{space 1}   -1.97{col 49}{space 3}0.049{col 57}{space 4}-.0667297{col 70}{space 3}-.0001759
{txt}{space 13}rd {c |}{col 17}{res}{space 2} .2179685{col 29}{space 2} .1311306{col 40}{space 1}    1.66{col 49}{space 3}0.097{col 57}{space 4}-.0391993{col 70}{space 3} .4751362
{txt}{space 3}fixed_assets {c |}{col 17}{res}{space 2} .0514113{col 29}{space 2} .0446471{col 40}{space 1}    1.15{col 49}{space 3}0.250{col 57}{space 4}-.0361486{col 70}{space 3} .1389712
{txt}{space 10}_cons {c |}{col 17}{res}{space 2} .2947218{col 29}{space 2} .0643776{col 40}{space 1}    4.58{col 49}{space 3}0.000{col 57}{space 4} .1684671{col 70}{space 3} .4209764
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       49{col 27}{space 1}        0{col 39}{result}{space 1}       49{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est3{txt} stored)

{com}. eststo: reghdfe ln_prod_diff     pr_quint_5 pr_quint_1 media_ind ln_prod_pre_365 size mtb roa io cash lev salesg_w tsr union rd fixed_assets if sample_yr!=1, absorb(indyr)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     5,527
{txt}Absorbing 1 HDFE group{col 51}F({res}  15{txt},{res}   5365{txt}){col 67}= {res}     41.11
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1744
{txt}{col 51}Adj R-squared{col 67}= {res}    0.1496
{txt}{col 51}Within R-sq.{col 67}= {res}    0.1031
{txt}{col 51}Root MSE{col 67}= {res}    0.3304

{txt}{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}   ln_prod_diff{col 17}{c |}      Coef.{col 29}   Std. Err.{col 41}      t{col 49}   P>|t|{col 57}     [95% Con{col 70}f. Interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 5}pr_quint_5 {c |}{col 17}{res}{space 2}-.0307839{col 29}{space 2} .0137004{col 40}{space 1}   -2.25{col 49}{space 3}0.025{col 57}{space 4}-.0576421{col 70}{space 3}-.0039256
{txt}{space 5}pr_quint_1 {c |}{col 17}{res}{space 2} .0120244{col 29}{space 2} .0138111{col 40}{space 1}    0.87{col 49}{space 3}0.384{col 57}{space 4} -.015051{col 70}{space 3} .0390999
{txt}{space 6}media_ind {c |}{col 17}{res}{space 2} .0000873{col 29}{space 2} .0213545{col 40}{space 1}    0.00{col 49}{space 3}0.997{col 57}{space 4}-.0417762{col 70}{space 3} .0419508
{txt}ln_prod_pre_365 {c |}{col 17}{res}{space 2}-.0847613{col 29}{space 2} .0062713{col 40}{space 1}  -13.52{col 49}{space 3}0.000{col 57}{space 4}-.0970556{col 70}{space 3}-.0724671
{txt}{space 11}size {c |}{col 17}{res}{space 2} .0158501{col 29}{space 2} .0039243{col 40}{space 1}    4.04{col 49}{space 3}0.000{col 57}{space 4} .0081568{col 70}{space 3} .0235434
{txt}{space 12}mtb {c |}{col 17}{res}{space 2} .0209518{col 29}{space 2} .0029238{col 40}{space 1}    7.17{col 49}{space 3}0.000{col 57}{space 4}   .01522{col 70}{space 3} .0266835
{txt}{space 12}roa {c |}{col 17}{res}{space 2}-.6620145{col 29}{space 2} .0466237{col 40}{space 1}  -14.20{col 49}{space 3}0.000{col 57}{space 4}-.7534158{col 70}{space 3}-.5706132
{txt}{space 13}io {c |}{col 17}{res}{space 2}  .009757{col 29}{space 2} .0159977{col 40}{space 1}    0.61{col 49}{space 3}0.542{col 57}{space 4} -.021605{col 70}{space 3} .0411189
{txt}{space 11}cash {c |}{col 17}{res}{space 2} -.002684{col 29}{space 2} .0382908{col 40}{space 1}   -0.07{col 49}{space 3}0.944{col 57}{space 4}-.0777495{col 70}{space 3} .0723815
{txt}{space 12}lev {c |}{col 17}{res}{space 2} .0561843{col 29}{space 2} .0196855{col 40}{space 1}    2.85{col 49}{space 3}0.004{col 57}{space 4} .0175927{col 70}{space 3}  .094776
{txt}{space 7}salesg_w {c |}{col 17}{res}{space 2}-.1329886{col 29}{space 2}  .017056{col 40}{space 1}   -7.80{col 49}{space 3}0.000{col 57}{space 4}-.1664253{col 70}{space 3} -.099552
{txt}{space 12}tsr {c |}{col 17}{res}{space 2} .0076216{col 29}{space 2} .0075063{col 40}{space 1}    1.02{col 49}{space 3}0.310{col 57}{space 4}-.0070938{col 70}{space 3}  .022337
{txt}{space 10}union {c |}{col 17}{res}{space 2}-.0340396{col 29}{space 2} .0114042{col 40}{space 1}   -2.98{col 49}{space 3}0.003{col 57}{space 4}-.0563964{col 70}{space 3}-.0116827
{txt}{space 13}rd {c |}{col 17}{res}{space 2} -.660753{col 29}{space 2} .0908843{col 40}{space 1}   -7.27{col 49}{space 3}0.000{col 57}{space 4}-.8389232{col 70}{space 3}-.4825829
{txt}{space 3}fixed_assets {c |}{col 17}{res}{space 2}-.0541047{col 29}{space 2}  .030694{col 40}{space 1}   -1.76{col 49}{space 3}0.078{col 57}{space 4}-.1142774{col 70}{space 3}  .006068
{txt}{space 10}_cons {c |}{col 17}{res}{space 2} .4329982{col 29}{space 2} .0456055{col 40}{space 1}    9.49{col 49}{space 3}0.000{col 57}{space 4} .3435928{col 70}{space 3} .5224035
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      147{col 27}{space 1}        0{col 39}{result}{space 1}      147{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est4{txt} stored)

{com}. eststo: reghdfe gd_ceodis_diff_365   pr_quint_5 pr_quint_1 media_ind gd_ceodis_pre_365 size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1, absorb(ffi49)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     2,006
{txt}Absorbing 1 HDFE group{col 51}F({res}  14{txt},{res}   1943{txt}){col 67}= {res}     53.28
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.2908
{txt}{col 51}Adj R-squared{col 67}= {res}    0.2682
{txt}{col 51}Within R-sq.{col 67}= {res}    0.2774
{txt}{col 51}Root MSE{col 67}= {res}    0.0817

{txt}{hline 18}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_ceodis_dif~365{col 19}{c |}      Coef.{col 31}   Std. Err.{col 43}      t{col 51}   P>|t|{col 59}     [95% Con{col 72}f. Interval]
{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 7}pr_quint_5 {c |}{col 19}{res}{space 2} .0192556{col 31}{space 2} .0054069{col 42}{space 1}    3.56{col 51}{space 3}0.000{col 59}{space 4} .0086517{col 72}{space 3} .0298595
{txt}{space 7}pr_quint_1 {c |}{col 19}{res}{space 2}-.0035749{col 31}{space 2} .0061142{col 42}{space 1}   -0.58{col 51}{space 3}0.559{col 59}{space 4}-.0155659{col 72}{space 3} .0084162
{txt}{space 8}media_ind {c |}{col 19}{res}{space 2} -.000829{col 31}{space 2} .0063533{col 42}{space 1}   -0.13{col 51}{space 3}0.896{col 59}{space 4} -.013289{col 72}{space 3}  .011631
{txt}gd_ceodis_pre_365 {c |}{col 19}{res}{space 2} -.485863{col 31}{space 2} .0180728{col 42}{space 1}  -26.88{col 51}{space 3}0.000{col 59}{space 4}-.5213071{col 72}{space 3}-.4504189
{txt}{space 13}size {c |}{col 19}{res}{space 2} -.000212{col 31}{space 2} .0015244{col 42}{space 1}   -0.14{col 51}{space 3}0.889{col 59}{space 4}-.0032016{col 72}{space 3} .0027775
{txt}{space 14}mtb {c |}{col 19}{res}{space 2} -.001105{col 31}{space 2} .0014818{col 42}{space 1}   -0.75{col 51}{space 3}0.456{col 59}{space 4} -.004011{col 72}{space 3}  .001801
{txt}{space 14}roa {c |}{col 19}{res}{space 2}  -.02286{col 31}{space 2} .0200522{col 42}{space 1}   -1.14{col 51}{space 3}0.254{col 59}{space 4}-.0621862{col 72}{space 3} .0164661
{txt}{space 15}io {c |}{col 19}{res}{space 2}-.0092573{col 31}{space 2} .0085563{col 42}{space 1}   -1.08{col 51}{space 3}0.279{col 59}{space 4}-.0260378{col 72}{space 3} .0075231
{txt}{space 13}cash {c |}{col 19}{res}{space 2}  .011734{col 31}{space 2} .0148318{col 42}{space 1}    0.79{col 51}{space 3}0.429{col 59}{space 4} -.017354{col 72}{space 3}  .040822
{txt}{space 14}lev {c |}{col 19}{res}{space 2} .0062281{col 31}{space 2} .0087964{col 42}{space 1}    0.71{col 51}{space 3}0.479{col 59}{space 4}-.0110232{col 72}{space 3} .0234794
{txt}{space 9}salesg_w {c |}{col 19}{res}{space 2}-.0063576{col 31}{space 2} .0066565{col 42}{space 1}   -0.96{col 51}{space 3}0.340{col 59}{space 4}-.0194122{col 72}{space 3} .0066971
{txt}{space 14}tsr {c |}{col 19}{res}{space 2}-.0014258{col 31}{space 2} .0045535{col 42}{space 1}   -0.31{col 51}{space 3}0.754{col 59}{space 4}-.0103561{col 72}{space 3} .0075044
{txt}{space 12}union {c |}{col 19}{res}{space 2} .0042236{col 31}{space 2} .0047416{col 42}{space 1}    0.89{col 51}{space 3}0.373{col 59}{space 4}-.0050755{col 72}{space 3} .0135227
{txt}{space 15}rd {c |}{col 19}{res}{space 2} .0182769{col 31}{space 2} .0395359{col 42}{space 1}    0.46{col 51}{space 3}0.644{col 59}{space 4}-.0592604{col 72}{space 3} .0958143
{txt}{space 12}_cons {c |}{col 19}{res}{space 2} .0256779{col 31}{space 2} .0142166{col 42}{space 1}    1.81{col 51}{space 3}0.071{col 59}{space 4}-.0022035{col 72}{space 3} .0535593
{txt}{hline 18}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       49{col 27}{space 1}        0{col 39}{result}{space 1}       49{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est5{txt} stored)

{com}. eststo: reghdfe gd_ceodis_diff_365   pr_quint_5 pr_quint_1 media_ind gd_ceodis_pre_365 size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1, absorb(indyr)
{res}{txt}(dropped 1 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     5,536
{txt}Absorbing 1 HDFE group{col 51}F({res}  14{txt},{res}   5376{txt}){col 67}= {res}    354.43
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.5136
{txt}{col 51}Adj R-squared{col 67}= {res}    0.4992
{txt}{col 51}Within R-sq.{col 67}= {res}    0.4800
{txt}{col 51}Root MSE{col 67}= {res}    0.0925

{txt}{hline 18}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_ceodis_dif~365{col 19}{c |}      Coef.{col 31}   Std. Err.{col 43}      t{col 51}   P>|t|{col 59}     [95% Con{col 72}f. Interval]
{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 7}pr_quint_5 {c |}{col 19}{res}{space 2} .0007618{col 31}{space 2} .0036726{col 42}{space 1}    0.21{col 51}{space 3}0.836{col 59}{space 4}-.0064379{col 72}{space 3} .0079616
{txt}{space 7}pr_quint_1 {c |}{col 19}{res}{space 2} .0007291{col 31}{space 2} .0039511{col 42}{space 1}    0.18{col 51}{space 3}0.854{col 59}{space 4}-.0070167{col 72}{space 3} .0084749
{txt}{space 8}media_ind {c |}{col 19}{res}{space 2}-.0015787{col 31}{space 2}  .005933{col 42}{space 1}   -0.27{col 51}{space 3}0.790{col 59}{space 4}-.0132097{col 72}{space 3} .0100523
{txt}gd_ceodis_pre_365 {c |}{col 19}{res}{space 2}-.7214518{col 31}{space 2} .0102673{col 42}{space 1}  -70.27{col 51}{space 3}0.000{col 59}{space 4}  -.74158{col 72}{space 3}-.7013237
{txt}{space 13}size {c |}{col 19}{res}{space 2}-.0035266{col 31}{space 2} .0010602{col 42}{space 1}   -3.33{col 51}{space 3}0.001{col 59}{space 4} -.005605{col 72}{space 3}-.0014482
{txt}{space 14}mtb {c |}{col 19}{res}{space 2}-.0017611{col 31}{space 2} .0008448{col 42}{space 1}   -2.08{col 51}{space 3}0.037{col 59}{space 4}-.0034172{col 72}{space 3} -.000105
{txt}{space 14}roa {c |}{col 19}{res}{space 2}-.0293676{col 31}{space 2} .0136022{col 42}{space 1}   -2.16{col 51}{space 3}0.031{col 59}{space 4}-.0560335{col 72}{space 3}-.0027017
{txt}{space 15}io {c |}{col 19}{res}{space 2} .0003617{col 31}{space 2} .0034224{col 42}{space 1}    0.11{col 51}{space 3}0.916{col 59}{space 4}-.0063477{col 72}{space 3}  .007071
{txt}{space 13}cash {c |}{col 19}{res}{space 2}-.0017977{col 31}{space 2} .0105841{col 42}{space 1}   -0.17{col 51}{space 3}0.865{col 59}{space 4}-.0225468{col 72}{space 3} .0189514
{txt}{space 14}lev {c |}{col 19}{res}{space 2}-.0020793{col 31}{space 2}  .005495{col 42}{space 1}   -0.38{col 51}{space 3}0.705{col 59}{space 4}-.0128518{col 72}{space 3} .0086931
{txt}{space 9}salesg_w {c |}{col 19}{res}{space 2}-.0145775{col 31}{space 2} .0049698{col 42}{space 1}   -2.93{col 51}{space 3}0.003{col 59}{space 4}-.0243202{col 72}{space 3}-.0048348
{txt}{space 14}tsr {c |}{col 19}{res}{space 2}-.0022613{col 31}{space 2} .0021415{col 42}{space 1}   -1.06{col 51}{space 3}0.291{col 59}{space 4}-.0064595{col 72}{space 3} .0019369
{txt}{space 12}union {c |}{col 19}{res}{space 2} .0077576{col 31}{space 2} .0031336{col 42}{space 1}    2.48{col 51}{space 3}0.013{col 59}{space 4} .0016145{col 72}{space 3} .0139007
{txt}{space 15}rd {c |}{col 19}{res}{space 2}-.0152114{col 31}{space 2} .0272418{col 42}{space 1}   -0.56{col 51}{space 3}0.577{col 59}{space 4}-.0686164{col 72}{space 3} .0381936
{txt}{space 12}_cons {c |}{col 19}{res}{space 2} .0921123{col 31}{space 2}  .010021{col 42}{space 1}    9.19{col 51}{space 3}0.000{col 59}{space 4} .0724671{col 72}{space 3} .1117576
{txt}{hline 18}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      146{col 27}{space 1}        0{col 39}{result}{space 1}      146{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est6{txt} stored)

{com}. eststo: reghdfe gd_pay_diff_365 pr_quint_5 pr_quint_1 media_tone gd_pay_pre_365 size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1 & media_ind==1, absorb(ffi49)
{res}{txt}(dropped 13 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}       212
{txt}Absorbing 1 HDFE group{col 51}F({res}  14{txt},{res}    169{txt}){col 67}= {res}      5.17
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4178
{txt}{col 51}Adj R-squared{col 67}= {res}    0.2731
{txt}{col 51}Within R-sq.{col 67}= {res}    0.3000
{txt}{col 51}Root MSE{col 67}= {res}    0.3636

{txt}{hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_pay_dif~365{col 16}{c |}      Coef.{col 28}   Std. Err.{col 40}      t{col 48}   P>|t|{col 56}     [95% Con{col 69}f. Interval]
{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}pr_quint_5 {c |}{col 16}{res}{space 2}-.2172084{col 28}{space 2}  .080226{col 39}{space 1}   -2.71{col 48}{space 3}0.007{col 56}{space 4}-.3755827{col 69}{space 3}-.0588342
{txt}{space 4}pr_quint_1 {c |}{col 16}{res}{space 2} .3040657{col 28}{space 2} .1568864{col 39}{space 1}    1.94{col 48}{space 3}0.054{col 56}{space 4}-.0056439{col 69}{space 3} .6137753
{txt}{space 4}media_tone {c |}{col 16}{res}{space 2}-.0190843{col 28}{space 2} .0544559{col 39}{space 1}   -0.35{col 48}{space 3}0.726{col 56}{space 4}-.1265858{col 69}{space 3} .0884172
{txt}gd_pay_pre_365 {c |}{col 16}{res}{space 2}-.5190689{col 28}{space 2} .0699826{col 39}{space 1}   -7.42{col 48}{space 3}0.000{col 56}{space 4}-.6572216{col 69}{space 3}-.3809162
{txt}{space 10}size {c |}{col 16}{res}{space 2} .0854321{col 28}{space 2} .0214019{col 39}{space 1}    3.99{col 48}{space 3}0.000{col 56}{space 4} .0431826{col 69}{space 3} .1276816
{txt}{space 11}mtb {c |}{col 16}{res}{space 2} .0328322{col 28}{space 2} .0281011{col 39}{space 1}    1.17{col 48}{space 3}0.244{col 56}{space 4}-.0226421{col 69}{space 3} .0883066
{txt}{space 11}roa {c |}{col 16}{res}{space 2} .2920626{col 28}{space 2} .3862174{col 39}{space 1}    0.76{col 48}{space 3}0.451{col 56}{space 4}-.4703693{col 69}{space 3} 1.054495
{txt}{space 12}io {c |}{col 16}{res}{space 2} .2698732{col 28}{space 2}  .162149{col 39}{space 1}    1.66{col 48}{space 3}0.098{col 56}{space 4}-.0502251{col 69}{space 3} .5899715
{txt}{space 10}cash {c |}{col 16}{res}{space 2} .1429116{col 28}{space 2} .2613565{col 39}{space 1}    0.55{col 48}{space 3}0.585{col 56}{space 4}-.3730325{col 69}{space 3} .6588556
{txt}{space 11}lev {c |}{col 16}{res}{space 2}-.2417666{col 28}{space 2} .1144205{col 39}{space 1}   -2.11{col 48}{space 3}0.036{col 56}{space 4}-.4676441{col 69}{space 3} -.015889
{txt}{space 6}salesg_w {c |}{col 16}{res}{space 2} -.105546{col 28}{space 2} .1211144{col 39}{space 1}   -0.87{col 48}{space 3}0.385{col 56}{space 4} -.344638{col 69}{space 3}  .133546
{txt}{space 11}tsr {c |}{col 16}{res}{space 2}-.0973743{col 28}{space 2} .0874326{col 39}{space 1}   -1.11{col 48}{space 3}0.267{col 56}{space 4} -.269975{col 69}{space 3} .0752264
{txt}{space 9}union {c |}{col 16}{res}{space 2} -.007088{col 28}{space 2} .0646194{col 39}{space 1}   -0.11{col 48}{space 3}0.913{col 56}{space 4}-.1346531{col 69}{space 3} .1204771
{txt}{space 12}rd {c |}{col 16}{res}{space 2}-.4199406{col 28}{space 2} .7032453{col 39}{space 1}   -0.60{col 48}{space 3}0.551{col 56}{space 4}-1.808218{col 69}{space 3} .9683363
{txt}{space 9}_cons {c |}{col 16}{res}{space 2} .8597949{col 28}{space 2} .3098014{col 39}{space 1}    2.78{col 48}{space 3}0.006{col 56}{space 4} .2482159{col 69}{space 3} 1.471374
{txt}{hline 15}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       29{col 27}{space 1}        0{col 39}{result}{space 1}       29{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est7{txt} stored)

{com}. eststo: reghdfe gd_pay_diff_365 pr_quint_5 pr_quint_1 media_tone gd_pay_pre_365 size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1 & media_ind==1, absorb(indyr)
{res}{txt}(dropped 31 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}       280
{txt}Absorbing 1 HDFE group{col 51}F({res}  14{txt},{res}    211{txt}){col 67}= {res}      7.23
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4511
{txt}{col 51}Adj R-squared{col 67}= {res}    0.2742
{txt}{col 51}Within R-sq.{col 67}= {res}    0.3243
{txt}{col 51}Root MSE{col 67}= {res}    0.3046

{txt}{hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_pay_dif~365{col 16}{c |}      Coef.{col 28}   Std. Err.{col 40}      t{col 48}   P>|t|{col 56}     [95% Con{col 69}f. Interval]
{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}pr_quint_5 {c |}{col 16}{res}{space 2}-.0979868{col 28}{space 2} .0590312{col 39}{space 1}   -1.66{col 48}{space 3}0.098{col 56}{space 4}-.2143533{col 69}{space 3} .0183798
{txt}{space 4}pr_quint_1 {c |}{col 16}{res}{space 2}-.0086665{col 28}{space 2} .0912007{col 39}{space 1}   -0.10{col 48}{space 3}0.924{col 56}{space 4}-.1884477{col 69}{space 3} .1711147
{txt}{space 4}media_tone {c |}{col 16}{res}{space 2}-.0270277{col 28}{space 2} .0351479{col 39}{space 1}   -0.77{col 48}{space 3}0.443{col 56}{space 4}-.0963137{col 69}{space 3} .0422584
{txt}gd_pay_pre_365 {c |}{col 16}{res}{space 2}-.5001004{col 28}{space 2} .0518089{col 39}{space 1}   -9.65{col 48}{space 3}0.000{col 56}{space 4}-.6022297{col 69}{space 3}-.3979711
{txt}{space 10}size {c |}{col 16}{res}{space 2} .0190861{col 28}{space 2} .0167413{col 39}{space 1}    1.14{col 48}{space 3}0.256{col 56}{space 4}-.0139156{col 69}{space 3} .0520878
{txt}{space 11}mtb {c |}{col 16}{res}{space 2} .0287974{col 28}{space 2} .0181136{col 39}{space 1}    1.59{col 48}{space 3}0.113{col 56}{space 4}-.0069093{col 69}{space 3} .0645041
{txt}{space 11}roa {c |}{col 16}{res}{space 2} .2760477{col 28}{space 2} .3379631{col 39}{space 1}    0.82{col 48}{space 3}0.415{col 56}{space 4}-.3901691{col 69}{space 3} .9422645
{txt}{space 12}io {c |}{col 16}{res}{space 2}-.0744679{col 28}{space 2} .1183268{col 39}{space 1}   -0.63{col 48}{space 3}0.530{col 56}{space 4}-.3077219{col 69}{space 3} .1587862
{txt}{space 10}cash {c |}{col 16}{res}{space 2} .1553161{col 28}{space 2} .2092822{col 39}{space 1}    0.74{col 48}{space 3}0.459{col 56}{space 4}-.2572358{col 69}{space 3}  .567868
{txt}{space 11}lev {c |}{col 16}{res}{space 2}-.1629385{col 28}{space 2} .0809985{col 39}{space 1}   -2.01{col 48}{space 3}0.046{col 56}{space 4}-.3226086{col 69}{space 3}-.0032684
{txt}{space 6}salesg_w {c |}{col 16}{res}{space 2} .0820617{col 28}{space 2} .1298635{col 39}{space 1}    0.63{col 48}{space 3}0.528{col 56}{space 4}-.1739344{col 69}{space 3} .3380577
{txt}{space 11}tsr {c |}{col 16}{res}{space 2}-.0605746{col 28}{space 2} .0587552{col 39}{space 1}   -1.03{col 48}{space 3}0.304{col 56}{space 4}-.1763971{col 69}{space 3} .0552479
{txt}{space 9}union {c |}{col 16}{res}{space 2} .0177338{col 28}{space 2} .0504533{col 39}{space 1}    0.35{col 48}{space 3}0.726{col 56}{space 4}-.0817233{col 69}{space 3} .1171909
{txt}{space 12}rd {c |}{col 16}{res}{space 2}-.1387124{col 28}{space 2} .5779929{col 39}{space 1}   -0.24{col 48}{space 3}0.811{col 56}{space 4}-1.278093{col 69}{space 3} 1.000668
{txt}{space 9}_cons {c |}{col 16}{res}{space 2} 1.741251{col 28}{space 2}  .248396{col 39}{space 1}    7.01{col 48}{space 3}0.000{col 56}{space 4} 1.251595{col 69}{space 3} 2.230907
{txt}{hline 15}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}       55{col 27}{space 1}        0{col 39}{result}{space 1}       55{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est8{txt} stored)

{com}. eststo: reghdfe ln_prod_diff     pr_quint_5 pr_quint_1 media_tone ln_prod_pre_365 size mtb roa io cash lev salesg_w tsr union rd fixed_assets if sample_yr==1 & media_ind==1, absorb(ffi49)
{res}{txt}(dropped 13 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}       216
{txt}Absorbing 1 HDFE group{col 51}F({res}  15{txt},{res}    172{txt}){col 67}= {res}      2.45
{txt}{col 51}Prob > F{col 67}= {res}    0.0028
{txt}{col 51}R-squared{col 67}= {res}    0.3172
{txt}{col 51}Adj R-squared{col 67}= {res}    0.1465
{txt}{col 51}Within R-sq.{col 67}= {res}    0.1762
{txt}{col 51}Root MSE{col 67}= {res}    0.1599

{txt}{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}   ln_prod_diff{col 17}{c |}      Coef.{col 29}   Std. Err.{col 41}      t{col 49}   P>|t|{col 57}     [95% Con{col 70}f. Interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 5}pr_quint_5 {c |}{col 17}{res}{space 2}-.0374199{col 29}{space 2}  .036613{col 40}{space 1}   -1.02{col 49}{space 3}0.308{col 57}{space 4}-.1096884{col 70}{space 3} .0348487
{txt}{space 5}pr_quint_1 {c |}{col 17}{res}{space 2} .0181482{col 29}{space 2} .0605088{col 40}{space 1}    0.30{col 49}{space 3}0.765{col 57}{space 4}-.1012873{col 70}{space 3} .1375836
{txt}{space 5}media_tone {c |}{col 17}{res}{space 2}-.0082175{col 29}{space 2} .0237501{col 40}{space 1}   -0.35{col 49}{space 3}0.730{col 57}{space 4}-.0550968{col 70}{space 3} .0386617
{txt}ln_prod_pre_365 {c |}{col 17}{res}{space 2}-.0417121{col 29}{space 2} .0184977{col 40}{space 1}   -2.25{col 49}{space 3}0.025{col 57}{space 4}-.0782238{col 70}{space 3}-.0052004
{txt}{space 11}size {c |}{col 17}{res}{space 2} .0158766{col 29}{space 2} .0092007{col 40}{space 1}    1.73{col 49}{space 3}0.086{col 57}{space 4}-.0022843{col 70}{space 3} .0340375
{txt}{space 12}mtb {c |}{col 17}{res}{space 2}-.0145061{col 29}{space 2} .0123208{col 40}{space 1}   -1.18{col 49}{space 3}0.241{col 57}{space 4}-.0388256{col 70}{space 3} .0098133
{txt}{space 12}roa {c |}{col 17}{res}{space 2} .3811964{col 29}{space 2} .1835371{col 40}{space 1}    2.08{col 49}{space 3}0.039{col 57}{space 4} .0189213{col 70}{space 3} .7434716
{txt}{space 13}io {c |}{col 17}{res}{space 2} .1800586{col 29}{space 2} .0658387{col 40}{space 1}    2.73{col 49}{space 3}0.007{col 57}{space 4} .0501027{col 70}{space 3} .3100145
{txt}{space 11}cash {c |}{col 17}{res}{space 2} .1913106{col 29}{space 2} .1070694{col 40}{space 1}    1.79{col 49}{space 3}0.076{col 57}{space 4}-.0200285{col 70}{space 3} .4026496
{txt}{space 12}lev {c |}{col 17}{res}{space 2} .0610415{col 29}{space 2} .0505908{col 40}{space 1}    1.21{col 49}{space 3}0.229{col 57}{space 4}-.0388172{col 70}{space 3} .1609002
{txt}{space 7}salesg_w {c |}{col 17}{res}{space 2} .1249858{col 29}{space 2}  .052399{col 40}{space 1}    2.39{col 49}{space 3}0.018{col 57}{space 4} .0215578{col 70}{space 3} .2284137
{txt}{space 12}tsr {c |}{col 17}{res}{space 2}-.0828414{col 29}{space 2} .0382392{col 40}{space 1}   -2.17{col 49}{space 3}0.032{col 57}{space 4}-.1583199{col 70}{space 3}-.0073628
{txt}{space 10}union {c |}{col 17}{res}{space 2}-.0819093{col 29}{space 2} .0284447{col 40}{space 1}   -2.88{col 49}{space 3}0.004{col 57}{space 4} -.138055{col 70}{space 3}-.0257637
{txt}{space 13}rd {c |}{col 17}{res}{space 2} .5090816{col 29}{space 2} .3107319{col 40}{space 1}    1.64{col 49}{space 3}0.103{col 57}{space 4}-.1042573{col 70}{space 3} 1.122421
{txt}{space 3}fixed_assets {c |}{col 17}{res}{space 2} .1081993{col 29}{space 2} .0827929{col 40}{space 1}    1.31{col 49}{space 3}0.193{col 57}{space 4}-.0552216{col 70}{space 3} .2716201
{txt}{space 10}_cons {c |}{col 17}{res}{space 2}-.0140148{col 29}{space 2} .1302009{col 40}{space 1}   -0.11{col 49}{space 3}0.914{col 57}{space 4}-.2710121{col 70}{space 3} .2429826
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       29{col 27}{space 1}        0{col 39}{result}{space 1}       29{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est9{txt} stored)

{com}. eststo: reghdfe ln_prod_diff     pr_quint_5 pr_quint_1 media_tone ln_prod_pre_365 size mtb roa io cash lev salesg_w tsr union rd fixed_assets if sample_yr!=1 & media_ind==1, absorb(indyr)
{res}{txt}(dropped 30 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}       274
{txt}Absorbing 1 HDFE group{col 51}F({res}  15{txt},{res}    202{txt}){col 67}= {res}      0.67
{txt}{col 51}Prob > F{col 67}= {res}    0.8103
{txt}{col 51}R-squared{col 67}= {res}    0.4228
{txt}{col 51}Adj R-squared{col 67}= {res}    0.2200
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0475
{txt}{col 51}Root MSE{col 67}= {res}    0.1738

{txt}{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}   ln_prod_diff{col 17}{c |}      Coef.{col 29}   Std. Err.{col 41}      t{col 49}   P>|t|{col 57}     [95% Con{col 70}f. Interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 5}pr_quint_5 {c |}{col 17}{res}{space 2} -.070017{col 29}{space 2} .0358009{col 40}{space 1}   -1.96{col 49}{space 3}0.052{col 57}{space 4}-.1406085{col 70}{space 3} .0005745
{txt}{space 5}pr_quint_1 {c |}{col 17}{res}{space 2}-.0246176{col 29}{space 2} .0522684{col 40}{space 1}   -0.47{col 49}{space 3}0.638{col 57}{space 4}-.1276793{col 70}{space 3}  .078444
{txt}{space 5}media_tone {c |}{col 17}{res}{space 2}-.0270971{col 29}{space 2} .0213923{col 40}{space 1}   -1.27{col 49}{space 3}0.207{col 57}{space 4}-.0692779{col 70}{space 3} .0150837
{txt}ln_prod_pre_365 {c |}{col 17}{res}{space 2}-.0061986{col 29}{space 2}  .020282{col 40}{space 1}   -0.31{col 49}{space 3}0.760{col 57}{space 4}-.0461902{col 70}{space 3}  .033793
{txt}{space 11}size {c |}{col 17}{res}{space 2}-.0010613{col 29}{space 2} .0101371{col 40}{space 1}   -0.10{col 49}{space 3}0.917{col 57}{space 4}-.0210494{col 70}{space 3} .0189267
{txt}{space 12}mtb {c |}{col 17}{res}{space 2} .0049322{col 29}{space 2} .0103574{col 40}{space 1}    0.48{col 49}{space 3}0.634{col 57}{space 4}-.0154903{col 70}{space 3} .0253547
{txt}{space 12}roa {c |}{col 17}{res}{space 2}-.2577327{col 29}{space 2} .1965788{col 40}{space 1}   -1.31{col 49}{space 3}0.191{col 57}{space 4}-.6453423{col 70}{space 3} .1298769
{txt}{space 13}io {c |}{col 17}{res}{space 2}-.0426843{col 29}{space 2} .0517555{col 40}{space 1}   -0.82{col 49}{space 3}0.410{col 57}{space 4}-.1447345{col 70}{space 3}  .059366
{txt}{space 11}cash {c |}{col 17}{res}{space 2} .0289848{col 29}{space 2} .1148363{col 40}{space 1}    0.25{col 49}{space 3}0.801{col 57}{space 4}-.1974468{col 70}{space 3} .2554163
{txt}{space 12}lev {c |}{col 17}{res}{space 2} .0170629{col 29}{space 2} .0457325{col 40}{space 1}    0.37{col 49}{space 3}0.709{col 57}{space 4}-.0731114{col 70}{space 3} .1072372
{txt}{space 7}salesg_w {c |}{col 17}{res}{space 2} .0283339{col 29}{space 2} .0778757{col 40}{space 1}    0.36{col 49}{space 3}0.716{col 57}{space 4}-.1252197{col 70}{space 3} .1818876
{txt}{space 12}tsr {c |}{col 17}{res}{space 2} .0149682{col 29}{space 2} .0320891{col 40}{space 1}    0.47{col 49}{space 3}0.641{col 57}{space 4}-.0483043{col 70}{space 3} .0782407
{txt}{space 10}union {c |}{col 17}{res}{space 2}-.0056062{col 29}{space 2} .0299664{col 40}{space 1}   -0.19{col 49}{space 3}0.852{col 57}{space 4}-.0646932{col 70}{space 3} .0534808
{txt}{space 13}rd {c |}{col 17}{res}{space 2}-.4397359{col 29}{space 2}  .379175{col 40}{space 1}   -1.16{col 49}{space 3}0.248{col 57}{space 4}-1.187385{col 70}{space 3} .3079127
{txt}{space 3}fixed_assets {c |}{col 17}{res}{space 2}-.0305739{col 29}{space 2} .0789595{col 40}{space 1}   -0.39{col 49}{space 3}0.699{col 57}{space 4}-.1862644{col 70}{space 3} .1251167
{txt}{space 10}_cons {c |}{col 17}{res}{space 2}  .165588{col 29}{space 2} .1293294{col 40}{space 1}    1.28{col 49}{space 3}0.202{col 57}{space 4}-.0894208{col 70}{space 3} .4205967
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}       57{col 27}{space 1}        0{col 39}{result}{space 1}       57{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est10{txt} stored)

{com}. eststo: reghdfe gd_ceodis_diff_365   pr_quint_5 pr_quint_1 media_tone gd_ceodis_pre_365 size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1 & media_ind==1, absorb(ffi49)
{res}{txt}(dropped 13 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}       212
{txt}Absorbing 1 HDFE group{col 51}F({res}  14{txt},{res}    169{txt}){col 67}= {res}      5.40
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.3956
{txt}{col 51}Adj R-squared{col 67}= {res}    0.2454
{txt}{col 51}Within R-sq.{col 67}= {res}    0.3092
{txt}{col 51}Root MSE{col 67}= {res}    0.0547

{txt}{hline 18}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_ceodis_dif~365{col 19}{c |}      Coef.{col 31}   Std. Err.{col 43}      t{col 51}   P>|t|{col 59}     [95% Con{col 72}f. Interval]
{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 7}pr_quint_5 {c |}{col 19}{res}{space 2} .0100018{col 31}{space 2} .0120034{col 42}{space 1}    0.83{col 51}{space 3}0.406{col 59}{space 4} -.013694{col 72}{space 3} .0336977
{txt}{space 7}pr_quint_1 {c |}{col 19}{res}{space 2}-.0078357{col 31}{space 2} .0238212{col 42}{space 1}   -0.33{col 51}{space 3}0.743{col 59}{space 4}-.0548611{col 72}{space 3} .0391897
{txt}{space 7}media_tone {c |}{col 19}{res}{space 2}-.0115997{col 31}{space 2} .0082348{col 42}{space 1}   -1.41{col 51}{space 3}0.161{col 59}{space 4}-.0278559{col 72}{space 3} .0046566
{txt}gd_ceodis_pre_365 {c |}{col 19}{res}{space 2}-.3911214{col 31}{space 2} .0499829{col 42}{space 1}   -7.83{col 51}{space 3}0.000{col 59}{space 4}-.4897927{col 72}{space 3}-.2924501
{txt}{space 13}size {c |}{col 19}{res}{space 2} .0027117{col 31}{space 2} .0030249{col 42}{space 1}    0.90{col 51}{space 3}0.371{col 59}{space 4}-.0032598{col 72}{space 3} .0086832
{txt}{space 14}mtb {c |}{col 19}{res}{space 2} .0019244{col 31}{space 2} .0042155{col 42}{space 1}    0.46{col 51}{space 3}0.649{col 59}{space 4}-.0063975{col 72}{space 3} .0102463
{txt}{space 14}roa {c |}{col 19}{res}{space 2}-.1670372{col 31}{space 2} .0589468{col 42}{space 1}   -2.83{col 51}{space 3}0.005{col 59}{space 4}-.2834041{col 72}{space 3}-.0506702
{txt}{space 15}io {c |}{col 19}{res}{space 2}-.0131904{col 31}{space 2} .0247367{col 42}{space 1}   -0.53{col 51}{space 3}0.595{col 59}{space 4}-.0620232{col 72}{space 3} .0356423
{txt}{space 13}cash {c |}{col 19}{res}{space 2} -.017376{col 31}{space 2} .0390082{col 42}{space 1}   -0.45{col 51}{space 3}0.657{col 59}{space 4} -.094382{col 72}{space 3}   .05963
{txt}{space 14}lev {c |}{col 19}{res}{space 2} .0279069{col 31}{space 2} .0171231{col 42}{space 1}    1.63{col 51}{space 3}0.105{col 59}{space 4}-.0058958{col 72}{space 3} .0617096
{txt}{space 9}salesg_w {c |}{col 19}{res}{space 2} .0143764{col 31}{space 2} .0182171{col 42}{space 1}    0.79{col 51}{space 3}0.431{col 59}{space 4} -.021586{col 72}{space 3} .0503388
{txt}{space 14}tsr {c |}{col 19}{res}{space 2}-.0160194{col 31}{space 2} .0131855{col 42}{space 1}   -1.21{col 51}{space 3}0.226{col 59}{space 4}-.0420489{col 72}{space 3} .0100101
{txt}{space 12}union {c |}{col 19}{res}{space 2} .0117636{col 31}{space 2} .0097383{col 42}{space 1}    1.21{col 51}{space 3}0.229{col 59}{space 4}-.0074607{col 72}{space 3} .0309879
{txt}{space 15}rd {c |}{col 19}{res}{space 2}-.0591074{col 31}{space 2} .1057839{col 42}{space 1}   -0.56{col 51}{space 3}0.577{col 59}{space 4}-.2679353{col 72}{space 3} .1497206
{txt}{space 12}_cons {c |}{col 19}{res}{space 2}-.0021574{col 31}{space 2} .0400545{col 42}{space 1}   -0.05{col 51}{space 3}0.957{col 59}{space 4}-.0812291{col 72}{space 3} .0769142
{txt}{hline 18}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       29{col 27}{space 1}        0{col 39}{result}{space 1}       29{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est11{txt} stored)

{com}. eststo: reghdfe gd_ceodis_diff_365   pr_quint_5 pr_quint_1 media_tone gd_ceodis_pre_365 size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1 & media_ind==1, absorb(indyr)
{res}{txt}(dropped 30 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}       282
{txt}Absorbing 1 HDFE group{col 51}F({res}  14{txt},{res}    212{txt}){col 67}= {res}     15.46
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.5982
{txt}{col 51}Adj R-squared{col 67}= {res}    0.4674
{txt}{col 51}Within R-sq.{col 67}= {res}    0.5051
{txt}{col 51}Root MSE{col 67}= {res}    0.0483

{txt}{hline 18}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_ceodis_dif~365{col 19}{c |}      Coef.{col 31}   Std. Err.{col 43}      t{col 51}   P>|t|{col 59}     [95% Con{col 72}f. Interval]
{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 7}pr_quint_5 {c |}{col 19}{res}{space 2} .0147927{col 31}{space 2} .0093496{col 42}{space 1}    1.58{col 51}{space 3}0.115{col 59}{space 4}-.0036374{col 72}{space 3} .0332228
{txt}{space 7}pr_quint_1 {c |}{col 19}{res}{space 2}-.0070662{col 31}{space 2} .0143552{col 42}{space 1}   -0.49{col 51}{space 3}0.623{col 59}{space 4}-.0353634{col 72}{space 3}  .021231
{txt}{space 7}media_tone {c |}{col 19}{res}{space 2}  .007179{col 31}{space 2} .0055336{col 42}{space 1}    1.30{col 51}{space 3}0.196{col 59}{space 4}-.0037289{col 72}{space 3} .0180869
{txt}gd_ceodis_pre_365 {c |}{col 19}{res}{space 2}-.6123144{col 31}{space 2} .0452746{col 42}{space 1}  -13.52{col 51}{space 3}0.000{col 59}{space 4}-.7015604{col 72}{space 3}-.5230684
{txt}{space 13}size {c |}{col 19}{res}{space 2} .0031594{col 31}{space 2} .0025359{col 42}{space 1}    1.25{col 51}{space 3}0.214{col 59}{space 4}-.0018394{col 72}{space 3} .0081581
{txt}{space 14}mtb {c |}{col 19}{res}{space 2} .0002633{col 31}{space 2}   .00285{col 42}{space 1}    0.09{col 51}{space 3}0.926{col 59}{space 4}-.0053546{col 72}{space 3} .0058812
{txt}{space 14}roa {c |}{col 19}{res}{space 2}-.1119975{col 31}{space 2} .0532217{col 42}{space 1}   -2.10{col 51}{space 3}0.037{col 59}{space 4}-.2169091{col 72}{space 3}-.0070859
{txt}{space 15}io {c |}{col 19}{res}{space 2} .0193487{col 31}{space 2} .0186507{col 42}{space 1}    1.04{col 51}{space 3}0.301{col 59}{space 4}-.0174159{col 72}{space 3} .0561134
{txt}{space 13}cash {c |}{col 19}{res}{space 2}-.0054087{col 31}{space 2} .0313825{col 42}{space 1}   -0.17{col 51}{space 3}0.863{col 59}{space 4}-.0672705{col 72}{space 3}  .056453
{txt}{space 14}lev {c |}{col 19}{res}{space 2} .0125816{col 31}{space 2} .0126403{col 42}{space 1}    1.00{col 51}{space 3}0.321{col 59}{space 4}-.0123353{col 72}{space 3} .0374984
{txt}{space 9}salesg_w {c |}{col 19}{res}{space 2}-.0077231{col 31}{space 2} .0205326{col 42}{space 1}   -0.38{col 51}{space 3}0.707{col 59}{space 4}-.0481973{col 72}{space 3} .0327511
{txt}{space 14}tsr {c |}{col 19}{res}{space 2} .0011714{col 31}{space 2} .0092885{col 42}{space 1}    0.13{col 51}{space 3}0.900{col 59}{space 4}-.0171383{col 72}{space 3} .0194811
{txt}{space 12}union {c |}{col 19}{res}{space 2} .0030941{col 31}{space 2} .0081741{col 42}{space 1}    0.38{col 51}{space 3}0.705{col 59}{space 4}-.0130188{col 72}{space 3} .0192071
{txt}{space 15}rd {c |}{col 19}{res}{space 2} .1041257{col 31}{space 2}   .09103{col 42}{space 1}    1.14{col 51}{space 3}0.254{col 59}{space 4}-.0753142{col 72}{space 3} .2835656
{txt}{space 12}_cons {c |}{col 19}{res}{space 2}-.0142916{col 31}{space 2}  .032861{col 42}{space 1}   -0.43{col 51}{space 3}0.664{col 59}{space 4}-.0790678{col 72}{space 3} .0504847
{txt}{hline 18}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}       56{col 27}{space 1}        0{col 39}{result}{space 1}       56{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est12{txt} stored)

{com}. esttab using "Output/Tables/RF/T9_media_emp.csv", b(3) ar2 varwidth(25) title("Media and Employees") order(media_ind pr_quint_5 pr_quint_1 media_tone gd_pay_pre_365 ln_prod_pre_365 gd_ceodis_pre_365 size mtb roa io cash lev salesg_w tsr union rd fixed_assets) star(* 0.10 ** 0.05  *** 0.01 ) drop( _cons) replace
{res}{txt}(output written to {browse  `"Output/Tables/RF/T9_media_emp.csv"'})

{com}. 
{txt}end of do-file

{com}. 
. // ------------------ Table 10: Employee Pay Satisfaction Using Narrower Windows
. do Code/produce_table10
{txt}
{com}. 
. 
. ************************************************************************************************************
. **#                                                     TABLE 10 - EMPLOYEE RESPONSE USING NARROWER WINDOWS
. ************************************************************************************************************
. 
. capture cd "C:\Users\austin.starkweather\Dropbox\Research\CEO Pay Ratio\Analysis"
{txt}
{com}. capture cd "/Users/joshw/Dropbox/CEO Pay Ratio/Analysis/"
{txt}
{com}. use "Data/Temp/dataset_main.dta", clear
{txt}
{com}. 
. ******************************************
. *Change in Pay Rating - Tighter Windows
. ******************************************
. est clear
{txt}
{com}. eststo: xi: reghdfe gd_pay_diff_15 pr_quint_5 pr_quint_1 gd_pay_pre_15 size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1, absorb(ffi49)
{res}{txt}(dropped 4 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}       933
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}    877{txt}){col 67}= {res}     40.08
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4035
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3661
{txt}{col 51}Within R-sq.{col 67}= {res}    0.3727
{txt}{col 51}Root MSE{col 67}= {res}    0.8206

{txt}{hline 14}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_pay_dif~15{col 15}{c |}      Coef.{col 27}   Std. Err.{col 39}      t{col 47}   P>|t|{col 55}     [95% Con{col 68}f. Interval]
{hline 14}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 3}pr_quint_5 {c |}{col 15}{res}{space 2} -.154855{col 27}{space 2} .0689015{col 38}{space 1}   -2.25{col 47}{space 3}0.025{col 55}{space 4}-.2900861{col 68}{space 3}-.0196238
{txt}{space 3}pr_quint_1 {c |}{col 15}{res}{space 2}  .006351{col 27}{space 2}  .119633{col 38}{space 1}    0.05{col 47}{space 3}0.958{col 55}{space 4}-.2284494{col 68}{space 3} .2411514
{txt}gd_pay_pre_15 {c |}{col 15}{res}{space 2}  -.75397{col 27}{space 2} .0334899{col 38}{space 1}  -22.51{col 47}{space 3}0.000{col 55}{space 4}-.8196997{col 68}{space 3}-.6882403
{txt}{space 9}size {c |}{col 15}{res}{space 2} .1073969{col 27}{space 2} .0215621{col 38}{space 1}    4.98{col 47}{space 3}0.000{col 55}{space 4} .0650775{col 68}{space 3} .1497164
{txt}{space 10}mtb {c |}{col 15}{res}{space 2} .0027276{col 27}{space 2} .0257916{col 38}{space 1}    0.11{col 47}{space 3}0.916{col 55}{space 4}-.0478929{col 68}{space 3} .0533482
{txt}{space 10}roa {c |}{col 15}{res}{space 2}-.3857178{col 27}{space 2} .3967114{col 38}{space 1}   -0.97{col 47}{space 3}0.331{col 55}{space 4}-1.164332{col 68}{space 3} .3928969
{txt}{space 11}io {c |}{col 15}{res}{space 2}-.1322377{col 27}{space 2}  .138098{col 38}{space 1}   -0.96{col 47}{space 3}0.339{col 55}{space 4}-.4032788{col 68}{space 3} .1388034
{txt}{space 9}cash {c |}{col 15}{res}{space 2} .4587576{col 27}{space 2} .2324068{col 38}{space 1}    1.97{col 47}{space 3}0.049{col 55}{space 4} .0026191{col 68}{space 3} .9148962
{txt}{space 10}lev {c |}{col 15}{res}{space 2} -.055595{col 27}{space 2} .1255544{col 38}{space 1}   -0.44{col 47}{space 3}0.658{col 55}{space 4}-.3020172{col 68}{space 3} .1908272
{txt}{space 5}salesg_w {c |}{col 15}{res}{space 2}-.0782852{col 27}{space 2} .1420699{col 38}{space 1}   -0.55{col 47}{space 3}0.582{col 55}{space 4}-.3571218{col 68}{space 3} .2005514
{txt}{space 10}tsr {c |}{col 15}{res}{space 2} .2256006{col 27}{space 2} .0791273{col 38}{space 1}    2.85{col 47}{space 3}0.004{col 55}{space 4} .0702997{col 68}{space 3} .3809016
{txt}{space 8}union {c |}{col 15}{res}{space 2}-.0306241{col 27}{space 2} .0676862{col 38}{space 1}   -0.45{col 47}{space 3}0.651{col 55}{space 4}-.1634699{col 68}{space 3} .1022217
{txt}{space 11}rd {c |}{col 15}{res}{space 2} 1.712004{col 27}{space 2}  .847389{col 38}{space 1}    2.02{col 47}{space 3}0.044{col 55}{space 4} .0488569{col 68}{space 3} 3.375151
{txt}{space 8}_cons {c |}{col 15}{res}{space 2} 1.675939{col 27}{space 2} .2467301{col 38}{space 1}    6.79{col 47}{space 3}0.000{col 55}{space 4} 1.191688{col 68}{space 3} 2.160189
{txt}{hline 14}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       43{col 27}{space 1}        0{col 39}{result}{space 1}       43{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est1{txt} stored)

{com}. eststo: xi: reghdfe gd_pay_diff_15 pr_quint_5 pr_quint_1 gd_pay_pre_15 size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1, absorb(indyr)
{res}{txt}(dropped 8 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     2,714
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   2570{txt}){col 67}= {res}    129.54
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4278
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3960
{txt}{col 51}Within R-sq.{col 67}= {res}    0.3959
{txt}{col 51}Root MSE{col 67}= {res}    0.7985

{txt}{hline 14}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_pay_dif~15{col 15}{c |}      Coef.{col 27}   Std. Err.{col 39}      t{col 47}   P>|t|{col 55}     [95% Con{col 68}f. Interval]
{hline 14}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 3}pr_quint_5 {c |}{col 15}{res}{space 2}-.1232871{col 27}{space 2} .0394046{col 38}{space 1}   -3.13{col 47}{space 3}0.002{col 55}{space 4} -.200555{col 68}{space 3}-.0460192
{txt}{space 3}pr_quint_1 {c |}{col 15}{res}{space 2} .0970572{col 27}{space 2} .0650922{col 38}{space 1}    1.49{col 47}{space 3}0.136{col 55}{space 4}-.0305813{col 68}{space 3} .2246956
{txt}gd_pay_pre_15 {c |}{col 15}{res}{space 2}-.7811651{col 27}{space 2} .0191043{col 38}{space 1}  -40.89{col 47}{space 3}0.000{col 55}{space 4}-.8186265{col 68}{space 3}-.7437037
{txt}{space 9}size {c |}{col 15}{res}{space 2} .1086674{col 27}{space 2} .0123582{col 38}{space 1}    8.79{col 47}{space 3}0.000{col 55}{space 4} .0844344{col 68}{space 3} .1329004
{txt}{space 10}mtb {c |}{col 15}{res}{space 2} .0371217{col 27}{space 2} .0104462{col 38}{space 1}    3.55{col 47}{space 3}0.000{col 55}{space 4} .0166378{col 68}{space 3} .0576055
{txt}{space 10}roa {c |}{col 15}{res}{space 2}-.0578328{col 27}{space 2} .1839439{col 38}{space 1}   -0.31{col 47}{space 3}0.753{col 55}{space 4}-.4185261{col 68}{space 3} .3028605
{txt}{space 11}io {c |}{col 15}{res}{space 2}-.0650521{col 27}{space 2} .0784229{col 38}{space 1}   -0.83{col 47}{space 3}0.407{col 55}{space 4}-.2188305{col 68}{space 3} .0887264
{txt}{space 9}cash {c |}{col 15}{res}{space 2} .1330274{col 27}{space 2} .1330705{col 38}{space 1}    1.00{col 47}{space 3}0.318{col 55}{space 4}-.1279088{col 68}{space 3} .3939636
{txt}{space 10}lev {c |}{col 15}{res}{space 2}-.0612029{col 27}{space 2} .0678131{col 38}{space 1}   -0.90{col 47}{space 3}0.367{col 55}{space 4}-.1941767{col 68}{space 3}  .071771
{txt}{space 5}salesg_w {c |}{col 15}{res}{space 2} .0480035{col 27}{space 2} .0746991{col 38}{space 1}    0.64{col 47}{space 3}0.521{col 55}{space 4}-.0984731{col 68}{space 3}   .19448
{txt}{space 10}tsr {c |}{col 15}{res}{space 2} .0928335{col 27}{space 2} .0364196{col 38}{space 1}    2.55{col 47}{space 3}0.011{col 55}{space 4} .0214187{col 68}{space 3} .1642482
{txt}{space 8}union {c |}{col 15}{res}{space 2}-.0056564{col 27}{space 2} .0373722{col 38}{space 1}   -0.15{col 47}{space 3}0.880{col 55}{space 4}-.0789389{col 68}{space 3} .0676262
{txt}{space 11}rd {c |}{col 15}{res}{space 2} .1172287{col 27}{space 2} .3874414{col 38}{space 1}    0.30{col 47}{space 3}0.762{col 55}{space 4}-.6425004{col 68}{space 3} .8769577
{txt}{space 8}_cons {c |}{col 15}{res}{space 2} 1.770888{col 27}{space 2} .1468094{col 38}{space 1}   12.06{col 47}{space 3}0.000{col 55}{space 4} 1.483011{col 68}{space 3} 2.058764
{txt}{hline 14}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      131{col 27}{space 1}        0{col 39}{result}{space 1}      131{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est2{txt} stored)

{com}. eststo: xi: reghdfe gd_pay_diff_15 ln_upr ln_epr gd_pay_pre_15 size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1, absorb(ffi49)
{res}{txt}(dropped 4 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}       870
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}    816{txt}){col 67}= {res}     36.54
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.3949
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3556
{txt}{col 51}Within R-sq.{col 67}= {res}    0.3679
{txt}{col 51}Root MSE{col 67}= {res}    0.8278

{txt}{hline 14}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_pay_dif~15{col 15}{c |}      Coef.{col 27}   Std. Err.{col 39}      t{col 47}   P>|t|{col 55}     [95% Con{col 68}f. Interval]
{hline 14}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 7}ln_upr {c |}{col 15}{res}{space 2}-.0478764{col 27}{space 2} .0313577{col 38}{space 1}   -1.53{col 47}{space 3}0.127{col 55}{space 4}-.1094276{col 68}{space 3} .0136748
{txt}{space 7}ln_epr {c |}{col 15}{res}{space 2}-.0523187{col 27}{space 2} .1378374{col 38}{space 1}   -0.38{col 47}{space 3}0.704{col 55}{space 4}-.3228763{col 68}{space 3} .2182388
{txt}gd_pay_pre_15 {c |}{col 15}{res}{space 2}-.7514198{col 27}{space 2} .0349308{col 38}{space 1}  -21.51{col 47}{space 3}0.000{col 55}{space 4}-.8199847{col 68}{space 3}-.6828549
{txt}{space 9}size {c |}{col 15}{res}{space 2} .1082995{col 27}{space 2} .0541372{col 38}{space 1}    2.00{col 47}{space 3}0.046{col 55}{space 4} .0020348{col 68}{space 3} .2145641
{txt}{space 10}mtb {c |}{col 15}{res}{space 2} .0004107{col 27}{space 2} .0271838{col 38}{space 1}    0.02{col 47}{space 3}0.988{col 55}{space 4}-.0529477{col 68}{space 3} .0537692
{txt}{space 10}roa {c |}{col 15}{res}{space 2} -.389205{col 27}{space 2} .4340324{col 38}{space 1}   -0.90{col 47}{space 3}0.370{col 55}{space 4}-1.241157{col 68}{space 3} .4627464
{txt}{space 11}io {c |}{col 15}{res}{space 2}-.0849231{col 27}{space 2}  .154273{col 38}{space 1}   -0.55{col 47}{space 3}0.582{col 55}{space 4}-.3877417{col 68}{space 3} .2178955
{txt}{space 9}cash {c |}{col 15}{res}{space 2} .4287525{col 27}{space 2} .2414018{col 38}{space 1}    1.78{col 47}{space 3}0.076{col 55}{space 4}-.0450892{col 68}{space 3} .9025942
{txt}{space 10}lev {c |}{col 15}{res}{space 2}-.0392526{col 27}{space 2} .1304886{col 38}{space 1}   -0.30{col 47}{space 3}0.764{col 55}{space 4}-.2953856{col 68}{space 3} .2168803
{txt}{space 5}salesg_w {c |}{col 15}{res}{space 2}-.1170414{col 27}{space 2} .1478965{col 38}{space 1}   -0.79{col 47}{space 3}0.429{col 55}{space 4}-.4073439{col 68}{space 3}  .173261
{txt}{space 10}tsr {c |}{col 15}{res}{space 2} .2303841{col 27}{space 2} .0817465{col 38}{space 1}    2.82{col 47}{space 3}0.005{col 55}{space 4}  .069926{col 68}{space 3} .3908422
{txt}{space 8}union {c |}{col 15}{res}{space 2} -.054719{col 27}{space 2}  .070665{col 38}{space 1}   -0.77{col 47}{space 3}0.439{col 55}{space 4}-.1934257{col 68}{space 3} .0839877
{txt}{space 11}rd {c |}{col 15}{res}{space 2} 1.985601{col 27}{space 2} .8751965{col 38}{space 1}    2.27{col 47}{space 3}0.024{col 55}{space 4} .2676988{col 68}{space 3} 3.703502
{txt}{space 8}_cons {c |}{col 15}{res}{space 2} 1.835031{col 27}{space 2} .3367968{col 38}{space 1}    5.45{col 47}{space 3}0.000{col 55}{space 4} 1.173941{col 68}{space 3} 2.496121
{txt}{hline 14}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       41{col 27}{space 1}        0{col 39}{result}{space 1}       41{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est3{txt} stored)

{com}. eststo: xi: reghdfe gd_pay_diff_15 ln_upr ln_epr gd_pay_pre_15 size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1, absorb(indyr)
{res}{txt}(dropped 9 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     2,582
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   2439{txt}){col 67}= {res}    124.36
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4331
{txt}{col 51}Adj R-squared{col 67}= {res}    0.4001
{txt}{col 51}Within R-sq.{col 67}= {res}    0.3986
{txt}{col 51}Root MSE{col 67}= {res}    0.7896

{txt}{hline 14}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_pay_dif~15{col 15}{c |}      Coef.{col 27}   Std. Err.{col 39}      t{col 47}   P>|t|{col 55}     [95% Con{col 68}f. Interval]
{hline 14}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 7}ln_upr {c |}{col 15}{res}{space 2}-.0599983{col 27}{space 2} .0187235{col 38}{space 1}   -3.20{col 47}{space 3}0.001{col 55}{space 4}-.0967138{col 68}{space 3}-.0232827
{txt}{space 7}ln_epr {c |}{col 15}{res}{space 2}-.1996458{col 27}{space 2} .0796647{col 38}{space 1}   -2.51{col 47}{space 3}0.012{col 55}{space 4}-.3558633{col 68}{space 3}-.0434283
{txt}gd_pay_pre_15 {c |}{col 15}{res}{space 2}  -.77646{col 27}{space 2} .0194595{col 38}{space 1}  -39.90{col 47}{space 3}0.000{col 55}{space 4}-.8146188{col 68}{space 3}-.7383011
{txt}{space 9}size {c |}{col 15}{res}{space 2} .1541376{col 27}{space 2}  .030667{col 38}{space 1}    5.03{col 47}{space 3}0.000{col 55}{space 4} .0940015{col 68}{space 3} .2142737
{txt}{space 10}mtb {c |}{col 15}{res}{space 2} .0390849{col 27}{space 2} .0104698{col 38}{space 1}    3.73{col 47}{space 3}0.000{col 55}{space 4} .0185544{col 68}{space 3} .0596155
{txt}{space 10}roa {c |}{col 15}{res}{space 2}-.0686974{col 27}{space 2} .1874348{col 38}{space 1}   -0.37{col 47}{space 3}0.714{col 55}{space 4}-.4362454{col 68}{space 3} .2988505
{txt}{space 11}io {c |}{col 15}{res}{space 2}-.0827202{col 27}{space 2}    .0799{col 38}{space 1}   -1.04{col 47}{space 3}0.301{col 55}{space 4}-.2393991{col 68}{space 3} .0739588
{txt}{space 9}cash {c |}{col 15}{res}{space 2}  .062747{col 27}{space 2}  .135523{col 38}{space 1}    0.46{col 47}{space 3}0.643{col 55}{space 4} -.203005{col 68}{space 3}  .328499
{txt}{space 10}lev {c |}{col 15}{res}{space 2}-.0407209{col 27}{space 2} .0687334{col 38}{space 1}   -0.59{col 47}{space 3}0.554{col 55}{space 4}-.1755028{col 68}{space 3}  .094061
{txt}{space 5}salesg_w {c |}{col 15}{res}{space 2}  .097829{col 27}{space 2} .0764483{col 38}{space 1}    1.28{col 47}{space 3}0.201{col 55}{space 4}-.0520812{col 68}{space 3} .2477393
{txt}{space 10}tsr {c |}{col 15}{res}{space 2} .0749546{col 27}{space 2} .0365283{col 38}{space 1}    2.05{col 47}{space 3}0.040{col 55}{space 4} .0033249{col 68}{space 3} .1465843
{txt}{space 8}union {c |}{col 15}{res}{space 2} .0088427{col 27}{space 2} .0383057{col 38}{space 1}    0.23{col 47}{space 3}0.817{col 55}{space 4}-.0662725{col 68}{space 3} .0839578
{txt}{space 11}rd {c |}{col 15}{res}{space 2}-.2965369{col 27}{space 2} .3995498{col 38}{space 1}   -0.74{col 47}{space 3}0.458{col 55}{space 4}-1.080029{col 68}{space 3} .4869551
{txt}{space 8}_cons {c |}{col 15}{res}{space 2} 2.289266{col 27}{space 2} .1895426{col 38}{space 1}   12.08{col 47}{space 3}0.000{col 55}{space 4} 1.917585{col 68}{space 3} 2.660947
{txt}{hline 14}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      130{col 27}{space 1}        0{col 39}{result}{space 1}      130{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est4{txt} stored)

{com}. eststo: xi: reghdfe gd_pay_diff_60 pr_quint_5 pr_quint_1 gd_pay_pre_60 size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1, absorb(ffi49)
{res}{txt}(dropped 4 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     1,461
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   1403{txt}){col 67}= {res}     65.65
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4057
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3816
{txt}{col 51}Within R-sq.{col 67}= {res}    0.3782
{txt}{col 51}Root MSE{col 67}= {res}    0.6934

{txt}{hline 14}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_pay_dif~60{col 15}{c |}      Coef.{col 27}   Std. Err.{col 39}      t{col 47}   P>|t|{col 55}     [95% Con{col 68}f. Interval]
{hline 14}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 3}pr_quint_5 {c |}{col 15}{res}{space 2}-.1128155{col 27}{space 2} .0502168{col 38}{space 1}   -2.25{col 47}{space 3}0.025{col 55}{space 4}-.2113236{col 68}{space 3}-.0143074
{txt}{space 3}pr_quint_1 {c |}{col 15}{res}{space 2}-.0310128{col 27}{space 2}  .071069{col 38}{space 1}   -0.44{col 47}{space 3}0.663{col 55}{space 4}-.1704257{col 68}{space 3} .1084001
{txt}gd_pay_pre_60 {c |}{col 15}{res}{space 2}-.7386574{col 27}{space 2} .0257983{col 38}{space 1}  -28.63{col 47}{space 3}0.000{col 55}{space 4}-.7892647{col 68}{space 3}  -.68805
{txt}{space 9}size {c |}{col 15}{res}{space 2} .0639163{col 27}{space 2}  .014756{col 38}{space 1}    4.33{col 47}{space 3}0.000{col 55}{space 4} .0349702{col 68}{space 3} .0928625
{txt}{space 10}mtb {c |}{col 15}{res}{space 2} .0172006{col 27}{space 2} .0163364{col 38}{space 1}    1.05{col 47}{space 3}0.293{col 55}{space 4}-.0148458{col 68}{space 3} .0492471
{txt}{space 10}roa {c |}{col 15}{res}{space 2}-.2309951{col 27}{space 2} .2388841{col 38}{space 1}   -0.97{col 47}{space 3}0.334{col 55}{space 4}-.6996037{col 68}{space 3} .2376134
{txt}{space 11}io {c |}{col 15}{res}{space 2}-.0253471{col 27}{space 2} .0871028{col 38}{space 1}   -0.29{col 47}{space 3}0.771{col 55}{space 4}-.1962127{col 68}{space 3} .1455186
{txt}{space 9}cash {c |}{col 15}{res}{space 2} .4271802{col 27}{space 2}  .150353{col 38}{space 1}    2.84{col 47}{space 3}0.005{col 55}{space 4} .1322393{col 68}{space 3}  .722121
{txt}{space 10}lev {c |}{col 15}{res}{space 2}-.1820739{col 27}{space 2} .0866339{col 38}{space 1}   -2.10{col 47}{space 3}0.036{col 55}{space 4}-.3520198{col 68}{space 3} -.012128
{txt}{space 5}salesg_w {c |}{col 15}{res}{space 2}-.0732784{col 27}{space 2} .0818546{col 38}{space 1}   -0.90{col 47}{space 3}0.371{col 55}{space 4} -.233849{col 68}{space 3} .0872922
{txt}{space 10}tsr {c |}{col 15}{res}{space 2} .2035724{col 27}{space 2} .0501025{col 38}{space 1}    4.06{col 47}{space 3}0.000{col 55}{space 4} .1052885{col 68}{space 3} .3018563
{txt}{space 8}union {c |}{col 15}{res}{space 2}-.0960081{col 27}{space 2} .0463486{col 38}{space 1}   -2.07{col 47}{space 3}0.039{col 55}{space 4} -.186928{col 68}{space 3}-.0050882
{txt}{space 11}rd {c |}{col 15}{res}{space 2} .3431059{col 27}{space 2} .4978734{col 38}{space 1}    0.69{col 47}{space 3}0.491{col 55}{space 4}-.6335505{col 68}{space 3} 1.319762
{txt}{space 8}_cons {c |}{col 15}{res}{space 2}  2.01855{col 27}{space 2} .1546909{col 38}{space 1}   13.05{col 47}{space 3}0.000{col 55}{space 4} 1.715099{col 68}{space 3}    2.322
{txt}{hline 14}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       45{col 27}{space 1}        0{col 39}{result}{space 1}       45{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est5{txt} stored)

{com}. eststo: xi: reghdfe gd_pay_diff_60 pr_quint_5 pr_quint_1 gd_pay_pre_60 size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1, absorb(indyr)
{res}{txt}(dropped 5 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     4,186
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   4033{txt}){col 67}= {res}    182.93
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.3859
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3627
{txt}{col 51}Within R-sq.{col 67}= {res}    0.3709
{txt}{col 51}Root MSE{col 67}= {res}    0.7055

{txt}{hline 14}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_pay_dif~60{col 15}{c |}      Coef.{col 27}   Std. Err.{col 39}      t{col 47}   P>|t|{col 55}     [95% Con{col 68}f. Interval]
{hline 14}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 3}pr_quint_5 {c |}{col 15}{res}{space 2}-.0608651{col 27}{space 2} .0299923{col 38}{space 1}   -2.03{col 47}{space 3}0.042{col 55}{space 4}-.1196666{col 68}{space 3}-.0020636
{txt}{space 3}pr_quint_1 {c |}{col 15}{res}{space 2} .0284494{col 27}{space 2} .0393601{col 38}{space 1}    0.72{col 47}{space 3}0.470{col 55}{space 4}-.0487181{col 68}{space 3}  .105617
{txt}gd_pay_pre_60 {c |}{col 15}{res}{space 2}-.7733341{col 27}{space 2} .0159125{col 38}{space 1}  -48.60{col 47}{space 3}0.000{col 55}{space 4}-.8045314{col 68}{space 3}-.7421368
{txt}{space 9}size {c |}{col 15}{res}{space 2}  .088846{col 27}{space 2} .0089046{col 38}{space 1}    9.98{col 47}{space 3}0.000{col 55}{space 4} .0713881{col 68}{space 3} .1063038
{txt}{space 10}mtb {c |}{col 15}{res}{space 2} .0318777{col 27}{space 2} .0074541{col 38}{space 1}    4.28{col 47}{space 3}0.000{col 55}{space 4} .0172636{col 68}{space 3} .0464918
{txt}{space 10}roa {c |}{col 15}{res}{space 2} .0761148{col 27}{space 2} .1325264{col 38}{space 1}    0.57{col 47}{space 3}0.566{col 55}{space 4}-.1837102{col 68}{space 3} .3359397
{txt}{space 11}io {c |}{col 15}{res}{space 2}-.0231528{col 27}{space 2} .0557382{col 38}{space 1}   -0.42{col 47}{space 3}0.678{col 55}{space 4}-.1324304{col 68}{space 3} .0861249
{txt}{space 9}cash {c |}{col 15}{res}{space 2} .2617516{col 27}{space 2} .0952797{col 38}{space 1}    2.75{col 47}{space 3}0.006{col 55}{space 4} .0749508{col 68}{space 3} .4485524
{txt}{space 10}lev {c |}{col 15}{res}{space 2}-.0739688{col 27}{space 2} .0498479{col 38}{space 1}   -1.48{col 47}{space 3}0.138{col 55}{space 4}-.1716982{col 68}{space 3} .0237607
{txt}{space 5}salesg_w {c |}{col 15}{res}{space 2} .1592749{col 27}{space 2} .0515259{col 38}{space 1}    3.09{col 47}{space 3}0.002{col 55}{space 4} .0582557{col 68}{space 3}  .260294
{txt}{space 10}tsr {c |}{col 15}{res}{space 2} .0056461{col 27}{space 2} .0189096{col 38}{space 1}    0.30{col 47}{space 3}0.765{col 55}{space 4}-.0314272{col 68}{space 3} .0427193
{txt}{space 8}union {c |}{col 15}{res}{space 2} .0017772{col 27}{space 2}  .026574{col 38}{space 1}    0.07{col 47}{space 3}0.947{col 55}{space 4}-.0503224{col 68}{space 3} .0538769
{txt}{space 11}rd {c |}{col 15}{res}{space 2} .7672323{col 27}{space 2}  .270795{col 38}{space 1}    2.83{col 47}{space 3}0.005{col 55}{space 4} .2363245{col 68}{space 3}  1.29814
{txt}{space 8}_cons {c |}{col 15}{res}{space 2} 1.877142{col 27}{space 2} .1022746{col 38}{space 1}   18.35{col 47}{space 3}0.000{col 55}{space 4} 1.676627{col 68}{space 3} 2.077657
{txt}{hline 14}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      140{col 27}{space 1}        0{col 39}{result}{space 1}      140{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est6{txt} stored)

{com}. eststo: xi: reghdfe gd_pay_diff_60 ln_upr ln_epr gd_pay_pre_60 size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1, absorb(ffi49)
{res}{txt}(dropped 3 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     1,362
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   1304{txt}){col 67}= {res}     58.10
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.3975
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3711
{txt}{col 51}Within R-sq.{col 67}= {res}    0.3668
{txt}{col 51}Root MSE{col 67}= {res}    0.6953

{txt}{hline 14}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_pay_dif~60{col 15}{c |}      Coef.{col 27}   Std. Err.{col 39}      t{col 47}   P>|t|{col 55}     [95% Con{col 68}f. Interval]
{hline 14}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 7}ln_upr {c |}{col 15}{res}{space 2}-.0179324{col 27}{space 2} .0222693{col 38}{space 1}   -0.81{col 47}{space 3}0.421{col 55}{space 4}-.0616199{col 68}{space 3} .0257551
{txt}{space 7}ln_epr {c |}{col 15}{res}{space 2}-.1136088{col 27}{space 2} .0965166{col 38}{space 1}   -1.18{col 47}{space 3}0.239{col 55}{space 4}-.3029537{col 68}{space 3} .0757361
{txt}gd_pay_pre_60 {c |}{col 15}{res}{space 2}-.7246873{col 27}{space 2} .0270242{col 38}{space 1}  -26.82{col 47}{space 3}0.000{col 55}{space 4} -.777703{col 68}{space 3}-.6716716
{txt}{space 9}size {c |}{col 15}{res}{space 2} .0893791{col 27}{space 2} .0380007{col 38}{space 1}    2.35{col 47}{space 3}0.019{col 55}{space 4} .0148299{col 68}{space 3} .1639283
{txt}{space 10}mtb {c |}{col 15}{res}{space 2} .0140412{col 27}{space 2}    .0169{col 38}{space 1}    0.83{col 47}{space 3}0.406{col 55}{space 4}-.0191129{col 68}{space 3} .0471953
{txt}{space 10}roa {c |}{col 15}{res}{space 2}-.1211692{col 27}{space 2} .2504475{col 38}{space 1}   -0.48{col 47}{space 3}0.629{col 55}{space 4}-.6124932{col 68}{space 3} .3701548
{txt}{space 11}io {c |}{col 15}{res}{space 2}-.0052392{col 27}{space 2} .0957097{col 38}{space 1}   -0.05{col 47}{space 3}0.956{col 55}{space 4}-.1930011{col 68}{space 3} .1825227
{txt}{space 9}cash {c |}{col 15}{res}{space 2} .3710582{col 27}{space 2} .1563129{col 38}{space 1}    2.37{col 47}{space 3}0.018{col 55}{space 4} .0644059{col 68}{space 3} .6777104
{txt}{space 10}lev {c |}{col 15}{res}{space 2}-.1935151{col 27}{space 2} .0893696{col 38}{space 1}   -2.17{col 47}{space 3}0.031{col 55}{space 4} -.368839{col 68}{space 3}-.0181912
{txt}{space 5}salesg_w {c |}{col 15}{res}{space 2}-.0679911{col 27}{space 2} .0861617{col 38}{space 1}   -0.79{col 47}{space 3}0.430{col 55}{space 4}-.2370218{col 68}{space 3} .1010397
{txt}{space 10}tsr {c |}{col 15}{res}{space 2} .2162429{col 27}{space 2} .0513598{col 38}{space 1}    4.21{col 47}{space 3}0.000{col 55}{space 4} .1154861{col 68}{space 3} .3169996
{txt}{space 8}union {c |}{col 15}{res}{space 2}-.1102404{col 27}{space 2} .0484787{col 38}{space 1}   -2.27{col 47}{space 3}0.023{col 55}{space 4}-.2053452{col 68}{space 3}-.0151356
{txt}{space 11}rd {c |}{col 15}{res}{space 2} .4027574{col 27}{space 2} .5099939{col 38}{space 1}    0.79{col 47}{space 3}0.430{col 55}{space 4} -.597741{col 68}{space 3} 1.403256
{txt}{space 8}_cons {c |}{col 15}{res}{space 2} 2.237031{col 27}{space 2}  .214382{col 38}{space 1}   10.43{col 47}{space 3}0.000{col 55}{space 4} 1.816459{col 68}{space 3} 2.657602
{txt}{hline 14}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       45{col 27}{space 1}        0{col 39}{result}{space 1}       45{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est7{txt} stored)

{com}. eststo: xi: reghdfe gd_pay_diff_60 ln_upr ln_epr gd_pay_pre_60 size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1, absorb(indyr)
{res}{txt}(dropped 4 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     3,982
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   3829{txt}){col 67}= {res}    177.05
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.3924
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3682
{txt}{col 51}Within R-sq.{col 67}= {res}    0.3754
{txt}{col 51}Root MSE{col 67}= {res}    0.7043

{txt}{hline 14}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_pay_dif~60{col 15}{c |}      Coef.{col 27}   Std. Err.{col 39}      t{col 47}   P>|t|{col 55}     [95% Con{col 68}f. Interval]
{hline 14}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 7}ln_upr {c |}{col 15}{res}{space 2}-.0359933{col 27}{space 2} .0139041{col 38}{space 1}   -2.59{col 47}{space 3}0.010{col 55}{space 4}-.0632534{col 68}{space 3}-.0087332
{txt}{space 7}ln_epr {c |}{col 15}{res}{space 2}-.0467266{col 27}{space 2} .0572943{col 38}{space 1}   -0.82{col 47}{space 3}0.415{col 55}{space 4}-.1590568{col 68}{space 3} .0656037
{txt}gd_pay_pre_60 {c |}{col 15}{res}{space 2}-.7765577{col 27}{space 2} .0162559{col 38}{space 1}  -47.77{col 47}{space 3}0.000{col 55}{space 4}-.8084287{col 68}{space 3}-.7446867
{txt}{space 9}size {c |}{col 15}{res}{space 2} .0968203{col 27}{space 2} .0223333{col 38}{space 1}    4.34{col 47}{space 3}0.000{col 55}{space 4}  .053034{col 68}{space 3} .1406066
{txt}{space 10}mtb {c |}{col 15}{res}{space 2} .0331814{col 27}{space 2} .0075651{col 38}{space 1}    4.39{col 47}{space 3}0.000{col 55}{space 4} .0183493{col 68}{space 3} .0480135
{txt}{space 10}roa {c |}{col 15}{res}{space 2} .0315761{col 27}{space 2} .1367987{col 38}{space 1}    0.23{col 47}{space 3}0.817{col 55}{space 4}-.2366292{col 68}{space 3} .2997813
{txt}{space 11}io {c |}{col 15}{res}{space 2}-.0090744{col 27}{space 2} .0576043{col 38}{space 1}   -0.16{col 47}{space 3}0.875{col 55}{space 4}-.1220125{col 68}{space 3} .1038637
{txt}{space 9}cash {c |}{col 15}{res}{space 2} .2534348{col 27}{space 2} .0978661{col 38}{space 1}    2.59{col 47}{space 3}0.010{col 55}{space 4} .0615602{col 68}{space 3} .4453094
{txt}{space 10}lev {c |}{col 15}{res}{space 2}-.0705016{col 27}{space 2} .0510063{col 38}{space 1}   -1.38{col 47}{space 3}0.167{col 55}{space 4}-.1705036{col 68}{space 3} .0295005
{txt}{space 5}salesg_w {c |}{col 15}{res}{space 2} .1847495{col 27}{space 2} .0540252{col 38}{space 1}    3.42{col 47}{space 3}0.001{col 55}{space 4} .0788287{col 68}{space 3} .2906703
{txt}{space 10}tsr {c |}{col 15}{res}{space 2}  .000683{col 27}{space 2} .0190335{col 38}{space 1}    0.04{col 47}{space 3}0.971{col 55}{space 4}-.0366337{col 68}{space 3} .0379997
{txt}{space 8}union {c |}{col 15}{res}{space 2} .0055332{col 27}{space 2} .0274699{col 38}{space 1}    0.20{col 47}{space 3}0.840{col 55}{space 4}-.0483238{col 68}{space 3} .0593903
{txt}{space 11}rd {c |}{col 15}{res}{space 2} .6875279{col 27}{space 2} .2889583{col 38}{space 1}    2.38{col 47}{space 3}0.017{col 55}{space 4}  .121001{col 68}{space 3} 1.254055
{txt}{space 8}_cons {c |}{col 15}{res}{space 2}  2.01083{col 27}{space 2} .1299575{col 38}{space 1}   15.47{col 47}{space 3}0.000{col 55}{space 4} 1.756038{col 68}{space 3} 2.265622
{txt}{hline 14}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      140{col 27}{space 1}        0{col 39}{result}{space 1}      140{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est8{txt} stored)

{com}. eststo: xi: reghdfe gd_pay_diff_90 pr_quint_5 pr_quint_1 gd_pay_pre_90 size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1, absorb(ffi49)
{res}{txt}(dropped 3 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     1,592
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   1533{txt}){col 67}= {res}     60.89
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.3686
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3448
{txt}{col 51}Within R-sq.{col 67}= {res}    0.3405
{txt}{col 51}Root MSE{col 67}= {res}    0.6635

{txt}{hline 14}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_pay_dif~90{col 15}{c |}      Coef.{col 27}   Std. Err.{col 39}      t{col 47}   P>|t|{col 55}     [95% Con{col 68}f. Interval]
{hline 14}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 3}pr_quint_5 {c |}{col 15}{res}{space 2}-.0760034{col 27}{space 2} .0468144{col 38}{space 1}   -1.62{col 47}{space 3}0.105{col 55}{space 4}-.1678304{col 68}{space 3} .0158236
{txt}{space 3}pr_quint_1 {c |}{col 15}{res}{space 2}-.0665682{col 27}{space 2} .0636159{col 38}{space 1}   -1.05{col 47}{space 3}0.296{col 55}{space 4}-.1913515{col 68}{space 3} .0582151
{txt}gd_pay_pre_90 {c |}{col 15}{res}{space 2}-.6972986{col 27}{space 2} .0250638{col 38}{space 1}  -27.82{col 47}{space 3}0.000{col 55}{space 4}-.7464616{col 68}{space 3}-.6481356
{txt}{space 9}size {c |}{col 15}{res}{space 2} .0641275{col 27}{space 2} .0135867{col 38}{space 1}    4.72{col 47}{space 3}0.000{col 55}{space 4} .0374771{col 68}{space 3}  .090778
{txt}{space 10}mtb {c |}{col 15}{res}{space 2} .0218265{col 27}{space 2} .0143788{col 38}{space 1}    1.52{col 47}{space 3}0.129{col 55}{space 4}-.0063776{col 68}{space 3} .0500306
{txt}{space 10}roa {c |}{col 15}{res}{space 2}-.2744427{col 27}{space 2} .2090903{col 38}{space 1}   -1.31{col 47}{space 3}0.190{col 55}{space 4} -.684576{col 68}{space 3} .1356906
{txt}{space 11}io {c |}{col 15}{res}{space 2} .0397981{col 27}{space 2} .0786392{col 38}{space 1}    0.51{col 47}{space 3}0.613{col 55}{space 4}-.1144536{col 68}{space 3} .1940499
{txt}{space 9}cash {c |}{col 15}{res}{space 2} .2944191{col 27}{space 2} .1364254{col 38}{space 1}    2.16{col 47}{space 3}0.031{col 55}{space 4}  .026819{col 68}{space 3} .5620191
{txt}{space 10}lev {c |}{col 15}{res}{space 2}-.1578325{col 27}{space 2}  .080074{col 38}{space 1}   -1.97{col 47}{space 3}0.049{col 55}{space 4}-.3148987{col 68}{space 3}-.0007663
{txt}{space 5}salesg_w {c |}{col 15}{res}{space 2}-.0685292{col 27}{space 2} .0691332{col 38}{space 1}   -0.99{col 47}{space 3}0.322{col 55}{space 4}-.2041348{col 68}{space 3} .0670765
{txt}{space 10}tsr {c |}{col 15}{res}{space 2} .1279851{col 27}{space 2} .0443222{col 38}{space 1}    2.89{col 47}{space 3}0.004{col 55}{space 4} .0410465{col 68}{space 3} .2149238
{txt}{space 8}union {c |}{col 15}{res}{space 2}-.0880071{col 27}{space 2}  .042693{col 38}{space 1}   -2.06{col 47}{space 3}0.039{col 55}{space 4}  -.17175{col 68}{space 3}-.0042642
{txt}{space 11}rd {c |}{col 15}{res}{space 2} .8082527{col 27}{space 2} .4221096{col 38}{space 1}    1.91{col 47}{space 3}0.056{col 55}{space 4}-.0197205{col 68}{space 3} 1.636226
{txt}{space 8}_cons {c |}{col 15}{res}{space 2} 1.821967{col 27}{space 2}  .141294{col 38}{space 1}   12.89{col 47}{space 3}0.000{col 55}{space 4} 1.544817{col 68}{space 3} 2.099118
{txt}{hline 14}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       46{col 27}{space 1}        0{col 39}{result}{space 1}       46{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est9{txt} stored)

{com}. eststo: xi: reghdfe gd_pay_diff_90 pr_quint_5 pr_quint_1 gd_pay_pre_90 size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1, absorb(indyr)
{res}{txt}(dropped 6 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     4,551
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   4397{txt}){col 67}= {res}    193.92
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.3810
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3595
{txt}{col 51}Within R-sq.{col 67}= {res}    0.3644
{txt}{col 51}Root MSE{col 67}= {res}    0.6536

{txt}{hline 14}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_pay_dif~90{col 15}{c |}      Coef.{col 27}   Std. Err.{col 39}      t{col 47}   P>|t|{col 55}     [95% Con{col 68}f. Interval]
{hline 14}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 3}pr_quint_5 {c |}{col 15}{res}{space 2}-.0827053{col 27}{space 2} .0270567{col 38}{space 1}   -3.06{col 47}{space 3}0.002{col 55}{space 4}  -.13575{col 68}{space 3}-.0296605
{txt}{space 3}pr_quint_1 {c |}{col 15}{res}{space 2}-.0110207{col 27}{space 2} .0340479{col 38}{space 1}   -0.32{col 47}{space 3}0.746{col 55}{space 4}-.0777717{col 68}{space 3} .0557304
{txt}gd_pay_pre_90 {c |}{col 15}{res}{space 2}-.7293115{col 27}{space 2} .0145684{col 38}{space 1}  -50.06{col 47}{space 3}0.000{col 55}{space 4}-.7578729{col 68}{space 3}-.7007501
{txt}{space 9}size {c |}{col 15}{res}{space 2} .0825005{col 27}{space 2} .0079503{col 38}{space 1}   10.38{col 47}{space 3}0.000{col 55}{space 4}  .066914{col 68}{space 3} .0980871
{txt}{space 10}mtb {c |}{col 15}{res}{space 2} .0243986{col 27}{space 2} .0066219{col 38}{space 1}    3.68{col 47}{space 3}0.000{col 55}{space 4} .0114163{col 68}{space 3} .0373809
{txt}{space 10}roa {c |}{col 15}{res}{space 2} .0297652{col 27}{space 2} .1152029{col 38}{space 1}    0.26{col 47}{space 3}0.796{col 55}{space 4}-.1960906{col 68}{space 3}  .255621
{txt}{space 11}io {c |}{col 15}{res}{space 2}-.0213571{col 27}{space 2} .0496818{col 38}{space 1}   -0.43{col 47}{space 3}0.667{col 55}{space 4}-.1187585{col 68}{space 3} .0760443
{txt}{space 9}cash {c |}{col 15}{res}{space 2} .1877129{col 27}{space 2} .0839854{col 38}{space 1}    2.24{col 47}{space 3}0.025{col 55}{space 4} .0230593{col 68}{space 3} .3523666
{txt}{space 10}lev {c |}{col 15}{res}{space 2}-.0672239{col 27}{space 2} .0443055{col 38}{space 1}   -1.52{col 47}{space 3}0.129{col 55}{space 4} -.154085{col 68}{space 3} .0196371
{txt}{space 5}salesg_w {c |}{col 15}{res}{space 2} .1318968{col 27}{space 2} .0437527{col 38}{space 1}    3.01{col 47}{space 3}0.003{col 55}{space 4} .0461195{col 68}{space 3} .2176741
{txt}{space 10}tsr {c |}{col 15}{res}{space 2} .0030697{col 27}{space 2} .0168475{col 38}{space 1}    0.18{col 47}{space 3}0.855{col 55}{space 4}  -.02996{col 68}{space 3} .0360994
{txt}{space 8}union {c |}{col 15}{res}{space 2}-.0100285{col 27}{space 2} .0238103{col 38}{space 1}   -0.42{col 47}{space 3}0.674{col 55}{space 4}-.0567086{col 68}{space 3} .0366516
{txt}{space 11}rd {c |}{col 15}{res}{space 2} .8375776{col 27}{space 2} .2342698{col 38}{space 1}    3.58{col 47}{space 3}0.000{col 55}{space 4} .3782909{col 68}{space 3} 1.296864
{txt}{space 8}_cons {c |}{col 15}{res}{space 2} 1.829832{col 27}{space 2} .0903277{col 38}{space 1}   20.26{col 47}{space 3}0.000{col 55}{space 4} 1.652744{col 68}{space 3}  2.00692
{txt}{hline 14}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      141{col 27}{space 1}        0{col 39}{result}{space 1}      141{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est10{txt} stored)

{com}. eststo: xi: reghdfe gd_pay_diff_90 ln_upr ln_epr gd_pay_pre_90 size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1, absorb(ffi49)
{res}{txt}(dropped 4 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     1,485
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   1427{txt}){col 67}= {res}     52.98
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.3564
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3307
{txt}{col 51}Within R-sq.{col 67}= {res}    0.3255
{txt}{col 51}Root MSE{col 67}= {res}    0.6647

{txt}{hline 14}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_pay_dif~90{col 15}{c |}      Coef.{col 27}   Std. Err.{col 39}      t{col 47}   P>|t|{col 55}     [95% Con{col 68}f. Interval]
{hline 14}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 7}ln_upr {c |}{col 15}{res}{space 2}-.0061276{col 27}{space 2}  .020684{col 38}{space 1}   -0.30{col 47}{space 3}0.767{col 55}{space 4}-.0467019{col 68}{space 3} .0344468
{txt}{space 7}ln_epr {c |}{col 15}{res}{space 2}-.0691663{col 27}{space 2} .0885955{col 38}{space 1}   -0.78{col 47}{space 3}0.435{col 55}{space 4}-.2429576{col 68}{space 3}  .104625
{txt}gd_pay_pre_90 {c |}{col 15}{res}{space 2} -.679301{col 27}{space 2} .0262743{col 38}{space 1}  -25.85{col 47}{space 3}0.000{col 55}{space 4}-.7308413{col 68}{space 3}-.6277607
{txt}{space 9}size {c |}{col 15}{res}{space 2} .0797881{col 27}{space 2} .0348999{col 38}{space 1}    2.29{col 47}{space 3}0.022{col 55}{space 4} .0113275{col 68}{space 3} .1482486
{txt}{space 10}mtb {c |}{col 15}{res}{space 2} .0206266{col 27}{space 2} .0147962{col 38}{space 1}    1.39{col 47}{space 3}0.164{col 55}{space 4} -.008398{col 68}{space 3} .0496513
{txt}{space 10}roa {c |}{col 15}{res}{space 2}-.1894899{col 27}{space 2} .2177553{col 38}{space 1}   -0.87{col 47}{space 3}0.384{col 55}{space 4}-.6166447{col 68}{space 3}  .237665
{txt}{space 11}io {c |}{col 15}{res}{space 2} .0921134{col 27}{space 2} .0855473{col 38}{space 1}    1.08{col 47}{space 3}0.282{col 55}{space 4}-.0756986{col 68}{space 3} .2599253
{txt}{space 9}cash {c |}{col 15}{res}{space 2} .2519797{col 27}{space 2} .1416672{col 38}{space 1}    1.78{col 47}{space 3}0.076{col 55}{space 4}-.0259187{col 68}{space 3}  .529878
{txt}{space 10}lev {c |}{col 15}{res}{space 2}-.1689751{col 27}{space 2} .0823638{col 38}{space 1}   -2.05{col 47}{space 3}0.040{col 55}{space 4}-.3305422{col 68}{space 3}-.0074081
{txt}{space 5}salesg_w {c |}{col 15}{res}{space 2}-.0897186{col 27}{space 2} .0736213{col 38}{space 1}   -1.22{col 47}{space 3}0.223{col 55}{space 4}-.2341361{col 68}{space 3}  .054699
{txt}{space 10}tsr {c |}{col 15}{res}{space 2} .1393443{col 27}{space 2} .0453931{col 38}{space 1}    3.07{col 47}{space 3}0.002{col 55}{space 4} .0502999{col 68}{space 3} .2283887
{txt}{space 8}union {c |}{col 15}{res}{space 2}-.0961727{col 27}{space 2} .0446349{col 38}{space 1}   -2.15{col 47}{space 3}0.031{col 55}{space 4}-.1837297{col 68}{space 3}-.0086156
{txt}{space 11}rd {c |}{col 15}{res}{space 2} .7529585{col 27}{space 2} .4300568{col 38}{space 1}    1.75{col 47}{space 3}0.080{col 55}{space 4}-.0906529{col 68}{space 3}  1.59657
{txt}{space 8}_cons {c |}{col 15}{res}{space 2} 1.884006{col 27}{space 2} .1960213{col 38}{space 1}    9.61{col 47}{space 3}0.000{col 55}{space 4} 1.499485{col 68}{space 3} 2.268527
{txt}{hline 14}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       45{col 27}{space 1}        0{col 39}{result}{space 1}       45{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est11{txt} stored)

{com}. eststo: xi: reghdfe gd_pay_diff_90 ln_upr ln_epr gd_pay_pre_90 size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1, absorb(indyr)
{res}{txt}(dropped 5 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     4,323
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   4169{txt}){col 67}= {res}    182.63
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.3826
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3599
{txt}{col 51}Within R-sq.{col 67}= {res}    0.3628
{txt}{col 51}Root MSE{col 67}= {res}    0.6560

{txt}{hline 14}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_pay_dif~90{col 15}{c |}      Coef.{col 27}   Std. Err.{col 39}      t{col 47}   P>|t|{col 55}     [95% Con{col 68}f. Interval]
{hline 14}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 7}ln_upr {c |}{col 15}{res}{space 2}-.0305162{col 27}{space 2} .0125659{col 38}{space 1}   -2.43{col 47}{space 3}0.015{col 55}{space 4}-.0551521{col 68}{space 3}-.0058803
{txt}{space 7}ln_epr {c |}{col 15}{res}{space 2}-.1247742{col 27}{space 2} .0502423{col 38}{space 1}   -2.48{col 47}{space 3}0.013{col 55}{space 4}-.2232759{col 68}{space 3}-.0262725
{txt}gd_pay_pre_90 {c |}{col 15}{res}{space 2}-.7294076{col 27}{space 2} .0150291{col 38}{space 1}  -48.53{col 47}{space 3}0.000{col 55}{space 4}-.7588725{col 68}{space 3}-.6999426
{txt}{space 9}size {c |}{col 15}{res}{space 2} .1187659{col 27}{space 2} .0197042{col 38}{space 1}    6.03{col 47}{space 3}0.000{col 55}{space 4} .0801353{col 68}{space 3} .1573966
{txt}{space 10}mtb {c |}{col 15}{res}{space 2} .0282897{col 27}{space 2} .0068145{col 38}{space 1}    4.15{col 47}{space 3}0.000{col 55}{space 4} .0149297{col 68}{space 3} .0416497
{txt}{space 10}roa {c |}{col 15}{res}{space 2}-.0401788{col 27}{space 2} .1201361{col 38}{space 1}   -0.33{col 47}{space 3}0.738{col 55}{space 4}-.2757097{col 68}{space 3} .1953521
{txt}{space 11}io {c |}{col 15}{res}{space 2} .0047111{col 27}{space 2} .0516662{col 38}{space 1}    0.09{col 47}{space 3}0.927{col 55}{space 4}-.0965822{col 68}{space 3} .1060044
{txt}{space 9}cash {c |}{col 15}{res}{space 2} .1440741{col 27}{space 2} .0867119{col 38}{space 1}    1.66{col 47}{space 3}0.097{col 55}{space 4}-.0259275{col 68}{space 3} .3140756
{txt}{space 10}lev {c |}{col 15}{res}{space 2}-.0528577{col 27}{space 2} .0455752{col 38}{space 1}   -1.16{col 47}{space 3}0.246{col 55}{space 4}-.1422095{col 68}{space 3} .0364941
{txt}{space 5}salesg_w {c |}{col 15}{res}{space 2} .1497857{col 27}{space 2} .0459374{col 38}{space 1}    3.26{col 47}{space 3}0.001{col 55}{space 4}  .059724{col 68}{space 3} .2398474
{txt}{space 10}tsr {c |}{col 15}{res}{space 2}-.0010407{col 27}{space 2} .0170456{col 38}{space 1}   -0.06{col 47}{space 3}0.951{col 55}{space 4}-.0344592{col 68}{space 3} .0323777
{txt}{space 8}union {c |}{col 15}{res}{space 2} .0006752{col 27}{space 2} .0247725{col 38}{space 1}    0.03{col 47}{space 3}0.978{col 55}{space 4} -.047892{col 68}{space 3} .0492425
{txt}{space 11}rd {c |}{col 15}{res}{space 2} .7242367{col 27}{space 2} .2494876{col 38}{space 1}    2.90{col 47}{space 3}0.004{col 55}{space 4} .2351081{col 68}{space 3} 1.213365
{txt}{space 8}_cons {c |}{col 15}{res}{space 2} 2.039679{col 27}{space 2} .1134353{col 38}{space 1}   17.98{col 47}{space 3}0.000{col 55}{space 4} 1.817286{col 68}{space 3} 2.262073
{txt}{hline 14}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      141{col 27}{space 1}        0{col 39}{result}{space 1}      141{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est12{txt} stored)

{com}. eststo: xi: reghdfe gd_pay_diff_365 pr_quint_5 pr_quint_1 gd_pay_pre_365 size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1, absorb(ffi49)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     1,984
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   1922{txt}){col 67}= {res}     62.91
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.3117
{txt}{col 51}Adj R-squared{col 67}= {res}    0.2899
{txt}{col 51}Within R-sq.{col 67}= {res}    0.2985
{txt}{col 51}Root MSE{col 67}= {res}    0.5352

{txt}{hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_pay_dif~365{col 16}{c |}      Coef.{col 28}   Std. Err.{col 40}      t{col 48}   P>|t|{col 56}     [95% Con{col 69}f. Interval]
{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}pr_quint_5 {c |}{col 16}{res}{space 2}-.0665009{col 28}{space 2} .0354239{col 39}{space 1}   -1.88{col 48}{space 3}0.061{col 56}{space 4}-.1359743{col 69}{space 3} .0029724
{txt}{space 4}pr_quint_1 {c |}{col 16}{res}{space 2} .0851755{col 28}{space 2} .0406029{col 39}{space 1}    2.10{col 48}{space 3}0.036{col 56}{space 4}  .005545{col 69}{space 3} .1648059
{txt}gd_pay_pre_365 {c |}{col 16}{res}{space 2}  -.60312{col 28}{space 2} .0212803{col 39}{space 1}  -28.34{col 48}{space 3}0.000{col 56}{space 4}-.6448549{col 69}{space 3} -.561385
{txt}{space 10}size {c |}{col 16}{res}{space 2} .0605255{col 28}{space 2} .0098776{col 39}{space 1}    6.13{col 48}{space 3}0.000{col 56}{space 4} .0411535{col 69}{space 3} .0798975
{txt}{space 11}mtb {c |}{col 16}{res}{space 2} .0085102{col 28}{space 2} .0098276{col 39}{space 1}    0.87{col 48}{space 3}0.387{col 56}{space 4}-.0107637{col 69}{space 3} .0277842
{txt}{space 11}roa {c |}{col 16}{res}{space 2} .0719826{col 28}{space 2} .1354754{col 39}{space 1}    0.53{col 48}{space 3}0.595{col 56}{space 4}-.1937116{col 69}{space 3} .3376769
{txt}{space 12}io {c |}{col 16}{res}{space 2} .0892294{col 28}{space 2}  .056543{col 39}{space 1}    1.58{col 48}{space 3}0.115{col 56}{space 4}-.0216628{col 69}{space 3} .2001215
{txt}{space 10}cash {c |}{col 16}{res}{space 2} .1555088{col 28}{space 2} .0977547{col 39}{space 1}    1.59{col 48}{space 3}0.112{col 56}{space 4}-.0362077{col 69}{space 3} .3472252
{txt}{space 11}lev {c |}{col 16}{res}{space 2}-.0146479{col 28}{space 2} .0577289{col 39}{space 1}   -0.25{col 48}{space 3}0.800{col 56}{space 4}-.1278657{col 69}{space 3} .0985698
{txt}{space 6}salesg_w {c |}{col 16}{res}{space 2} .0437034{col 28}{space 2} .0440941{col 39}{space 1}    0.99{col 48}{space 3}0.322{col 56}{space 4}-.0427739{col 69}{space 3} .1301807
{txt}{space 11}tsr {c |}{col 16}{res}{space 2} .0174079{col 28}{space 2} .0312327{col 39}{space 1}    0.56{col 48}{space 3}0.577{col 56}{space 4}-.0438457{col 69}{space 3} .0786614
{txt}{space 9}union {c |}{col 16}{res}{space 2}-.0301899{col 28}{space 2} .0311669{col 39}{space 1}   -0.97{col 48}{space 3}0.333{col 56}{space 4}-.0913143{col 69}{space 3} .0309346
{txt}{space 12}rd {c |}{col 16}{res}{space 2}  .411327{col 28}{space 2} .2676986{col 39}{space 1}    1.54{col 48}{space 3}0.125{col 56}{space 4}-.1136832{col 69}{space 3} .9363372
{txt}{space 9}_cons {c |}{col 16}{res}{space 2} 1.467083{col 28}{space 2} .1058758{col 39}{space 1}   13.86{col 48}{space 3}0.000{col 56}{space 4}  1.25944{col 69}{space 3} 1.674727
{txt}{hline 15}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       49{col 27}{space 1}        0{col 39}{result}{space 1}       49{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est13{txt} stored)

{com}. eststo: xi: reghdfe gd_pay_diff_365 pr_quint_5 pr_quint_1 gd_pay_pre_365 size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1, absorb(indyr)
{res}{txt}(dropped 1 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     5,471
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   5312{txt}){col 67}= {res}    230.61
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.3836
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3652
{txt}{col 51}Within R-sq.{col 67}= {res}    0.3608
{txt}{col 51}Root MSE{col 67}= {res}    0.5099

{txt}{hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_pay_dif~365{col 16}{c |}      Coef.{col 28}   Std. Err.{col 40}      t{col 48}   P>|t|{col 56}     [95% Con{col 69}f. Interval]
{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}pr_quint_5 {c |}{col 16}{res}{space 2}-.0843228{col 28}{space 2} .0203139{col 39}{space 1}   -4.15{col 48}{space 3}0.000{col 56}{space 4}-.1241464{col 69}{space 3}-.0444993
{txt}{space 4}pr_quint_1 {c |}{col 16}{res}{space 2} .0429231{col 28}{space 2} .0220019{col 39}{space 1}    1.95{col 48}{space 3}0.051{col 56}{space 4}-.0002097{col 69}{space 3} .0860559
{txt}gd_pay_pre_365 {c |}{col 16}{res}{space 2}-.6618701{col 28}{space 2} .0121459{col 39}{space 1}  -54.49{col 48}{space 3}0.000{col 56}{space 4}-.6856811{col 69}{space 3}-.6380592
{txt}{space 10}size {c |}{col 16}{res}{space 2} .0661325{col 28}{space 2}    .0058{col 39}{space 1}   11.40{col 48}{space 3}0.000{col 56}{space 4} .0547621{col 69}{space 3} .0775029
{txt}{space 11}mtb {c |}{col 16}{res}{space 2} .0166702{col 28}{space 2} .0047132{col 39}{space 1}    3.54{col 48}{space 3}0.000{col 56}{space 4} .0074304{col 69}{space 3} .0259099
{txt}{space 11}roa {c |}{col 16}{res}{space 2} .1289984{col 28}{space 2} .0771196{col 39}{space 1}    1.67{col 48}{space 3}0.094{col 56}{space 4}-.0221877{col 69}{space 3} .2801845
{txt}{space 12}io {c |}{col 16}{res}{space 2} .0364814{col 28}{space 2} .0188904{col 39}{space 1}    1.93{col 48}{space 3}0.054{col 56}{space 4}-.0005516{col 69}{space 3} .0735144
{txt}{space 10}cash {c |}{col 16}{res}{space 2} .1135992{col 28}{space 2} .0587926{col 39}{space 1}    1.93{col 48}{space 3}0.053{col 56}{space 4}-.0016585{col 69}{space 3} .2288569
{txt}{space 11}lev {c |}{col 16}{res}{space 2}-.0478143{col 28}{space 2} .0308281{col 39}{space 1}   -1.55{col 48}{space 3}0.121{col 56}{space 4}  -.10825{col 69}{space 3} .0126213
{txt}{space 6}salesg_w {c |}{col 16}{res}{space 2} .1091035{col 28}{space 2} .0277273{col 39}{space 1}    3.93{col 48}{space 3}0.000{col 56}{space 4} .0547465{col 69}{space 3} .1634604
{txt}{space 11}tsr {c |}{col 16}{res}{space 2} .0265292{col 28}{space 2} .0118489{col 39}{space 1}    2.24{col 48}{space 3}0.025{col 56}{space 4} .0033005{col 69}{space 3} .0497578
{txt}{space 9}union {c |}{col 16}{res}{space 2}-.0091526{col 28}{space 2}  .017377{col 39}{space 1}   -0.53{col 48}{space 3}0.598{col 56}{space 4}-.0432187{col 69}{space 3} .0249135
{txt}{space 12}rd {c |}{col 16}{res}{space 2} .7164182{col 28}{space 2} .1516127{col 39}{space 1}    4.73{col 48}{space 3}0.000{col 56}{space 4} .4191951{col 69}{space 3} 1.013641
{txt}{space 9}_cons {c |}{col 16}{res}{space 2} 1.709401{col 28}{space 2} .0616098{col 39}{space 1}   27.75{col 48}{space 3}0.000{col 56}{space 4} 1.588621{col 69}{space 3} 1.830182
{txt}{hline 15}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      146{col 27}{space 1}        0{col 39}{result}{space 1}      146{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est14{txt} stored)

{com}. eststo: xi: reghdfe gd_pay_diff_365 ln_upr ln_epr gd_pay_pre_365 size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1, absorb(ffi49)
{res}{txt}(dropped 2 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     1,850
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   1790{txt}){col 67}= {res}     60.16
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.3157
{txt}{col 51}Adj R-squared{col 67}= {res}    0.2932
{txt}{col 51}Within R-sq.{col 67}= {res}    0.3041
{txt}{col 51}Root MSE{col 67}= {res}    0.5379

{txt}{hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_pay_dif~365{col 16}{c |}      Coef.{col 28}   Std. Err.{col 40}      t{col 48}   P>|t|{col 56}     [95% Con{col 69}f. Interval]
{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 8}ln_upr {c |}{col 16}{res}{space 2}-.0593565{col 28}{space 2} .0155274{col 39}{space 1}   -3.82{col 48}{space 3}0.000{col 56}{space 4}-.0898103{col 69}{space 3}-.0289026
{txt}{space 8}ln_epr {c |}{col 16}{res}{space 2}-.0108004{col 28}{space 2}  .061924{col 39}{space 1}   -0.17{col 48}{space 3}0.862{col 56}{space 4}-.1322513{col 69}{space 3} .1106506
{txt}gd_pay_pre_365 {c |}{col 16}{res}{space 2}-.6095806{col 28}{space 2} .0221263{col 39}{space 1}  -27.55{col 48}{space 3}0.000{col 56}{space 4}-.6529766{col 69}{space 3}-.5661846
{txt}{space 10}size {c |}{col 16}{res}{space 2} .0496075{col 28}{space 2} .0247664{col 39}{space 1}    2.00{col 48}{space 3}0.045{col 56}{space 4} .0010334{col 69}{space 3} .0981816
{txt}{space 11}mtb {c |}{col 16}{res}{space 2} .0079707{col 28}{space 2} .0100686{col 39}{space 1}    0.79{col 48}{space 3}0.429{col 56}{space 4}-.0117767{col 69}{space 3} .0277181
{txt}{space 11}roa {c |}{col 16}{res}{space 2} .1250876{col 28}{space 2} .1406185{col 39}{space 1}    0.89{col 48}{space 3}0.374{col 56}{space 4}-.1507062{col 69}{space 3} .4008813
{txt}{space 12}io {c |}{col 16}{res}{space 2} .1230547{col 28}{space 2} .0614431{col 39}{space 1}    2.00{col 48}{space 3}0.045{col 56}{space 4}  .002547{col 69}{space 3} .2435623
{txt}{space 10}cash {c |}{col 16}{res}{space 2} .1603263{col 28}{space 2}  .102049{col 39}{space 1}    1.57{col 48}{space 3}0.116{col 56}{space 4}-.0398214{col 69}{space 3} .3604739
{txt}{space 11}lev {c |}{col 16}{res}{space 2}-.0235801{col 28}{space 2} .0596922{col 39}{space 1}   -0.40{col 48}{space 3}0.693{col 56}{space 4}-.1406539{col 69}{space 3} .0934936
{txt}{space 6}salesg_w {c |}{col 16}{res}{space 2} .0247118{col 28}{space 2} .0471452{col 39}{space 1}    0.52{col 48}{space 3}0.600{col 56}{space 4}-.0677536{col 69}{space 3} .1171771
{txt}{space 11}tsr {c |}{col 16}{res}{space 2} .0202542{col 28}{space 2} .0320422{col 39}{space 1}    0.63{col 48}{space 3}0.527{col 56}{space 4}-.0425899{col 69}{space 3} .0830984
{txt}{space 9}union {c |}{col 16}{res}{space 2}-.0296932{col 28}{space 2} .0326371{col 39}{space 1}   -0.91{col 48}{space 3}0.363{col 56}{space 4} -.093704{col 69}{space 3} .0343176
{txt}{space 12}rd {c |}{col 16}{res}{space 2} .4736424{col 28}{space 2}  .274614{col 39}{space 1}    1.72{col 48}{space 3}0.085{col 56}{space 4}-.0649554{col 69}{space 3}  1.01224
{txt}{space 9}_cons {c |}{col 16}{res}{space 2} 1.591369{col 28}{space 2} .1380905{col 39}{space 1}   11.52{col 48}{space 3}0.000{col 56}{space 4} 1.320534{col 69}{space 3} 1.862205
{txt}{hline 15}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       47{col 27}{space 1}        0{col 39}{result}{space 1}       47{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est15{txt} stored)

{com}. eststo: xi: reghdfe gd_pay_diff_365 ln_upr ln_epr gd_pay_pre_365 size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1, absorb(indyr)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     5,188
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   5029{txt}){col 67}= {res}    221.07
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.3882
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3690
{txt}{col 51}Within R-sq.{col 67}= {res}    0.3636
{txt}{col 51}Root MSE{col 67}= {res}    0.5073

{txt}{hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_pay_dif~365{col 16}{c |}      Coef.{col 28}   Std. Err.{col 40}      t{col 48}   P>|t|{col 56}     [95% Con{col 69}f. Interval]
{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 8}ln_upr {c |}{col 16}{res}{space 2}-.0390745{col 28}{space 2}  .009083{col 39}{space 1}   -4.30{col 48}{space 3}0.000{col 56}{space 4}-.0568811{col 69}{space 3} -.021268
{txt}{space 8}ln_epr {c |}{col 16}{res}{space 2} -.157496{col 28}{space 2} .0344936{col 39}{space 1}   -4.57{col 48}{space 3}0.000{col 56}{space 4}-.2251185{col 69}{space 3}-.0898735
{txt}gd_pay_pre_365 {c |}{col 16}{res}{space 2}-.6669381{col 28}{space 2} .0125082{col 39}{space 1}  -53.32{col 48}{space 3}0.000{col 56}{space 4}-.6914596{col 69}{space 3}-.6424166
{txt}{space 10}size {c |}{col 16}{res}{space 2} .1102776{col 28}{space 2} .0136865{col 39}{space 1}    8.06{col 48}{space 3}0.000{col 56}{space 4} .0834462{col 69}{space 3} .1371091
{txt}{space 11}mtb {c |}{col 16}{res}{space 2} .0190204{col 28}{space 2} .0048394{col 39}{space 1}    3.93{col 48}{space 3}0.000{col 56}{space 4}  .009533{col 69}{space 3} .0285077
{txt}{space 11}roa {c |}{col 16}{res}{space 2}  .156759{col 28}{space 2} .0804642{col 39}{space 1}    1.95{col 48}{space 3}0.051{col 56}{space 4} -.000986{col 69}{space 3}  .314504
{txt}{space 12}io {c |}{col 16}{res}{space 2} .0418381{col 28}{space 2} .0190172{col 39}{space 1}    2.20{col 48}{space 3}0.028{col 56}{space 4} .0045562{col 69}{space 3}   .07912
{txt}{space 10}cash {c |}{col 16}{res}{space 2} .0758152{col 28}{space 2} .0607875{col 39}{space 1}    1.25{col 48}{space 3}0.212{col 56}{space 4}-.0433549{col 69}{space 3} .1949852
{txt}{space 11}lev {c |}{col 16}{res}{space 2}-.0500673{col 28}{space 2} .0315277{col 39}{space 1}   -1.59{col 48}{space 3}0.112{col 56}{space 4}-.1118754{col 69}{space 3} .0117407
{txt}{space 6}salesg_w {c |}{col 16}{res}{space 2} .0853344{col 28}{space 2} .0291037{col 39}{space 1}    2.93{col 48}{space 3}0.003{col 56}{space 4} .0282785{col 69}{space 3} .1423902
{txt}{space 11}tsr {c |}{col 16}{res}{space 2} .0242442{col 28}{space 2} .0118963{col 39}{space 1}    2.04{col 48}{space 3}0.042{col 56}{space 4} .0009223{col 69}{space 3} .0475662
{txt}{space 9}union {c |}{col 16}{res}{space 2}  .002524{col 28}{space 2} .0179084{col 39}{space 1}    0.14{col 48}{space 3}0.888{col 56}{space 4}-.0325843{col 69}{space 3} .0376323
{txt}{space 12}rd {c |}{col 16}{res}{space 2} .7310066{col 28}{space 2} .1582651{col 39}{space 1}    4.62{col 48}{space 3}0.000{col 56}{space 4} .4207379{col 69}{space 3} 1.041275
{txt}{space 9}_cons {c |}{col 16}{res}{space 2} 2.038826{col 28}{space 2}   .07621{col 39}{space 1}   26.75{col 48}{space 3}0.000{col 56}{space 4} 1.889422{col 69}{space 3} 2.188231
{txt}{hline 15}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      146{col 27}{space 1}        0{col 39}{result}{space 1}      146{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est16{txt} stored)

{com}. esttab using "Output/Tables/RF/T10_emp_payrating_narrow.csv", b(3) ar2 varwidth(25) title("Pay Rating Tighter Windows") order(pr_quint_5 pr_quint_1 ln_upr ln_epr gd_pay_pre_15 gd_pay_pre_60 gd_pay_pre_90 gd_pay_pre_365 size mtb roa io cash lev salesg_w tsr union rd) star(* 0.10 ** 0.05  *** 0.01 ) drop(_cons) replace
{res}{txt}(output written to {browse  `"Output/Tables/RF/T10_emp_payrating_narrow.csv"'})

{com}. 
. **************************************************
. *Change in CEO disapproval - Tighter Windows
. **************************************************
. est clear
{txt}
{com}. eststo: xi: reghdfe gd_ceodis_diff_15 pr_quint_5 pr_quint_1 gd_ceodis_pre_15 size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1, absorb(ffi49)
{res}{txt}(dropped 4 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}       978
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}    922{txt}){col 67}= {res}     59.95
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4812
{txt}{col 51}Adj R-squared{col 67}= {res}    0.4503
{txt}{col 51}Within R-sq.{col 67}= {res}    0.4581
{txt}{col 51}Root MSE{col 67}= {res}    0.2244

{txt}{hline 17}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_ceodis_dif~15{col 18}{c |}      Coef.{col 30}   Std. Err.{col 42}      t{col 50}   P>|t|{col 58}     [95% Con{col 71}f. Interval]
{hline 17}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}pr_quint_5 {c |}{col 18}{res}{space 2}-.0068837{col 30}{space 2} .0184241{col 41}{space 1}   -0.37{col 50}{space 3}0.709{col 58}{space 4}-.0430418{col 71}{space 3} .0292744
{txt}{space 6}pr_quint_1 {c |}{col 18}{res}{space 2}-.0237789{col 30}{space 2} .0317695{col 41}{space 1}   -0.75{col 50}{space 3}0.454{col 58}{space 4}-.0861278{col 71}{space 3} .0385699
{txt}gd_ceodis_pre_15 {c |}{col 18}{res}{space 2}-.8867221{col 30}{space 2} .0322711{col 41}{space 1}  -27.48{col 50}{space 3}0.000{col 58}{space 4}-.9500554{col 71}{space 3}-.8233889
{txt}{space 12}size {c |}{col 18}{res}{space 2}-.0151378{col 30}{space 2} .0057116{col 41}{space 1}   -2.65{col 50}{space 3}0.008{col 58}{space 4} -.026347{col 71}{space 3}-.0039286
{txt}{space 13}mtb {c |}{col 18}{res}{space 2} .0028931{col 30}{space 2} .0068746{col 41}{space 1}    0.42{col 50}{space 3}0.674{col 58}{space 4}-.0105985{col 71}{space 3} .0163847
{txt}{space 13}roa {c |}{col 18}{res}{space 2}-.0001275{col 30}{space 2}  .107057{col 41}{space 1}   -0.00{col 50}{space 3}0.999{col 58}{space 4}-.2102313{col 71}{space 3} .2099763
{txt}{space 14}io {c |}{col 18}{res}{space 2} .0348762{col 30}{space 2} .0371392{col 41}{space 1}    0.94{col 50}{space 3}0.348{col 58}{space 4}-.0380109{col 71}{space 3} .1077633
{txt}{space 12}cash {c |}{col 18}{res}{space 2} .0086642{col 30}{space 2} .0610513{col 41}{space 1}    0.14{col 50}{space 3}0.887{col 58}{space 4}-.1111516{col 71}{space 3} .1284799
{txt}{space 13}lev {c |}{col 18}{res}{space 2}-.0034281{col 30}{space 2} .0336309{col 41}{space 1}   -0.10{col 50}{space 3}0.919{col 58}{space 4}-.0694302{col 71}{space 3} .0625739
{txt}{space 8}salesg_w {c |}{col 18}{res}{space 2}-.0152869{col 30}{space 2} .0381676{col 41}{space 1}   -0.40{col 50}{space 3}0.689{col 58}{space 4}-.0901924{col 71}{space 3} .0596187
{txt}{space 13}tsr {c |}{col 18}{res}{space 2}-.0336372{col 30}{space 2} .0208495{col 41}{space 1}   -1.61{col 50}{space 3}0.107{col 58}{space 4}-.0745552{col 71}{space 3} .0072808
{txt}{space 11}union {c |}{col 18}{res}{space 2} .0059581{col 30}{space 2} .0180916{col 41}{space 1}    0.33{col 50}{space 3}0.742{col 58}{space 4}-.0295473{col 71}{space 3} .0414635
{txt}{space 14}rd {c |}{col 18}{res}{space 2}-.1583017{col 30}{space 2} .2289152{col 41}{space 1}   -0.69{col 50}{space 3}0.489{col 58}{space 4} -.607557{col 71}{space 3} .2909537
{txt}{space 11}_cons {c |}{col 18}{res}{space 2} .2369672{col 30}{space 2} .0627277{col 41}{space 1}    3.78{col 50}{space 3}0.000{col 58}{space 4} .1138615{col 71}{space 3} .3600729
{txt}{hline 17}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       43{col 27}{space 1}        0{col 39}{result}{space 1}       43{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est1{txt} stored)

{com}. eststo: xi: reghdfe gd_ceodis_diff_15 pr_quint_5 pr_quint_1 gd_ceodis_pre_15 size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1, absorb(indyr)
{res}{txt}(dropped 7 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     2,896
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   2751{txt}){col 67}= {res}    179.35
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4838
{txt}{col 51}Adj R-squared{col 67}= {res}    0.4568
{txt}{col 51}Within R-sq.{col 67}= {res}    0.4587
{txt}{col 51}Root MSE{col 67}= {res}    0.2097

{txt}{hline 17}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_ceodis_dif~15{col 18}{c |}      Coef.{col 30}   Std. Err.{col 42}      t{col 50}   P>|t|{col 58}     [95% Con{col 71}f. Interval]
{hline 17}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}pr_quint_5 {c |}{col 18}{res}{space 2} .0084307{col 30}{space 2} .0101207{col 41}{space 1}    0.83{col 50}{space 3}0.405{col 58}{space 4}-.0114143{col 71}{space 3} .0282756
{txt}{space 6}pr_quint_1 {c |}{col 18}{res}{space 2}  .019902{col 30}{space 2} .0162018{col 41}{space 1}    1.23{col 50}{space 3}0.219{col 58}{space 4} -.011867{col 71}{space 3} .0516709
{txt}gd_ceodis_pre_15 {c |}{col 18}{res}{space 2}-.9114271{col 30}{space 2} .0189447{col 41}{space 1}  -48.11{col 50}{space 3}0.000{col 58}{space 4}-.9485745{col 71}{space 3}-.8742798
{txt}{space 12}size {c |}{col 18}{res}{space 2}-.0113964{col 30}{space 2} .0030923{col 41}{space 1}   -3.69{col 50}{space 3}0.000{col 58}{space 4}-.0174598{col 71}{space 3} -.005333
{txt}{space 13}mtb {c |}{col 18}{res}{space 2}-.0042566{col 30}{space 2} .0025756{col 41}{space 1}   -1.65{col 50}{space 3}0.099{col 58}{space 4} -.009307{col 71}{space 3} .0007937
{txt}{space 13}roa {c |}{col 18}{res}{space 2}-.1121216{col 30}{space 2} .0466806{col 41}{space 1}   -2.40{col 50}{space 3}0.016{col 58}{space 4}-.2036542{col 71}{space 3}-.0205891
{txt}{space 14}io {c |}{col 18}{res}{space 2} .0530513{col 30}{space 2} .0199016{col 41}{space 1}    2.67{col 50}{space 3}0.008{col 58}{space 4} .0140277{col 71}{space 3} .0920749
{txt}{space 12}cash {c |}{col 18}{res}{space 2}  .017971{col 30}{space 2}  .033932{col 41}{space 1}    0.53{col 50}{space 3}0.596{col 58}{space 4}-.0485638{col 71}{space 3} .0845057
{txt}{space 13}lev {c |}{col 18}{res}{space 2} .0278261{col 30}{space 2}  .017317{col 41}{space 1}    1.61{col 50}{space 3}0.108{col 58}{space 4}-.0061295{col 71}{space 3} .0617817
{txt}{space 8}salesg_w {c |}{col 18}{res}{space 2}-.0039935{col 30}{space 2} .0192045{col 41}{space 1}   -0.21{col 50}{space 3}0.835{col 58}{space 4}-.0416503{col 71}{space 3} .0336632
{txt}{space 13}tsr {c |}{col 18}{res}{space 2}-.0142526{col 30}{space 2} .0087102{col 41}{space 1}   -1.64{col 50}{space 3}0.102{col 58}{space 4}-.0313317{col 71}{space 3} .0028265
{txt}{space 11}union {c |}{col 18}{res}{space 2}-.0041466{col 30}{space 2} .0094874{col 41}{space 1}   -0.44{col 50}{space 3}0.662{col 58}{space 4}-.0227497{col 71}{space 3} .0144565
{txt}{space 14}rd {c |}{col 18}{res}{space 2} .0515696{col 30}{space 2} .0994231{col 41}{space 1}    0.52{col 50}{space 3}0.604{col 58}{space 4}-.1433817{col 71}{space 3}  .246521
{txt}{space 11}_cons {c |}{col 18}{res}{space 2} .1617571{col 30}{space 2} .0349102{col 41}{space 1}    4.63{col 50}{space 3}0.000{col 58}{space 4} .0933042{col 71}{space 3}   .23021
{txt}{hline 17}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      132{col 27}{space 1}        0{col 39}{result}{space 1}      132{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est2{txt} stored)

{com}. eststo: xi: reghdfe gd_ceodis_diff_15 ln_upr ln_epr gd_ceodis_pre_15 size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1, absorb(ffi49)
{res}{txt}(dropped 3 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}       916
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}    861{txt}){col 67}= {res}     55.04
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4834
{txt}{col 51}Adj R-squared{col 67}= {res}    0.4510
{txt}{col 51}Within R-sq.{col 67}= {res}    0.4539
{txt}{col 51}Root MSE{col 67}= {res}    0.2257

{txt}{hline 17}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_ceodis_dif~15{col 18}{c |}      Coef.{col 30}   Std. Err.{col 42}      t{col 50}   P>|t|{col 58}     [95% Con{col 71}f. Interval]
{hline 17}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 10}ln_upr {c |}{col 18}{res}{space 2}-.0046791{col 30}{space 2} .0083498{col 41}{space 1}   -0.56{col 50}{space 3}0.575{col 58}{space 4}-.0210673{col 71}{space 3} .0117092
{txt}{space 10}ln_epr {c |}{col 18}{res}{space 2}-.0033353{col 30}{space 2} .0371706{col 41}{space 1}   -0.09{col 50}{space 3}0.929{col 58}{space 4} -.076291{col 71}{space 3} .0696204
{txt}gd_ceodis_pre_15 {c |}{col 18}{res}{space 2} -.886972{col 30}{space 2} .0337136{col 41}{space 1}  -26.31{col 50}{space 3}0.000{col 58}{space 4}-.9531424{col 71}{space 3}-.8208015
{txt}{space 12}size {c |}{col 18}{res}{space 2}-.0170605{col 30}{space 2} .0145362{col 41}{space 1}   -1.17{col 50}{space 3}0.241{col 58}{space 4}-.0455911{col 71}{space 3} .0114701
{txt}{space 13}mtb {c |}{col 18}{res}{space 2} .0026082{col 30}{space 2} .0072077{col 41}{space 1}    0.36{col 50}{space 3}0.718{col 58}{space 4}-.0115385{col 71}{space 3}  .016755
{txt}{space 13}roa {c |}{col 18}{res}{space 2} .0325166{col 30}{space 2} .1163721{col 41}{space 1}    0.28{col 50}{space 3}0.780{col 58}{space 4}-.1958895{col 71}{space 3} .2609228
{txt}{space 14}io {c |}{col 18}{res}{space 2} .0343497{col 30}{space 2} .0411854{col 41}{space 1}    0.83{col 50}{space 3}0.404{col 58}{space 4}-.0464859{col 71}{space 3} .1151853
{txt}{space 12}cash {c |}{col 18}{res}{space 2}  .008142{col 30}{space 2} .0631757{col 41}{space 1}    0.13{col 50}{space 3}0.897{col 58}{space 4}-.1158543{col 71}{space 3} .1321384
{txt}{space 13}lev {c |}{col 18}{res}{space 2}-.0059908{col 30}{space 2} .0348302{col 41}{space 1}   -0.17{col 50}{space 3}0.863{col 58}{space 4}-.0743528{col 71}{space 3} .0623712
{txt}{space 8}salesg_w {c |}{col 18}{res}{space 2} -.011247{col 30}{space 2} .0395525{col 41}{space 1}   -0.28{col 50}{space 3}0.776{col 58}{space 4}-.0888776{col 71}{space 3} .0663836
{txt}{space 13}tsr {c |}{col 18}{res}{space 2}-.0350805{col 30}{space 2} .0214451{col 41}{space 1}   -1.64{col 50}{space 3}0.102{col 58}{space 4}-.0771713{col 71}{space 3} .0070103
{txt}{space 11}union {c |}{col 18}{res}{space 2} .0040833{col 30}{space 2} .0188072{col 41}{space 1}    0.22{col 50}{space 3}0.828{col 58}{space 4}  -.03283{col 71}{space 3} .0409966
{txt}{space 14}rd {c |}{col 18}{res}{space 2}-.2077895{col 30}{space 2}   .23559{col 41}{space 1}   -0.88{col 50}{space 3}0.378{col 58}{space 4}-.6701875{col 71}{space 3} .2546084
{txt}{space 11}_cons {c |}{col 18}{res}{space 2} .2670154{col 30}{space 2} .0880629{col 41}{space 1}    3.03{col 50}{space 3}0.003{col 58}{space 4} .0941723{col 71}{space 3} .4398586
{txt}{hline 17}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       42{col 27}{space 1}        0{col 39}{result}{space 1}       42{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est3{txt} stored)

{com}. eststo: xi: reghdfe gd_ceodis_diff_15 ln_upr ln_epr gd_ceodis_pre_15 size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1, absorb(indyr)
{res}{txt}(dropped 8 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     2,756
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   2612{txt}){col 67}= {res}    174.82
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4918
{txt}{col 51}Adj R-squared{col 67}= {res}    0.4639
{txt}{col 51}Within R-sq.{col 67}= {res}    0.4653
{txt}{col 51}Root MSE{col 67}= {res}    0.2082

{txt}{hline 17}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_ceodis_dif~15{col 18}{c |}      Coef.{col 30}   Std. Err.{col 42}      t{col 50}   P>|t|{col 58}     [95% Con{col 71}f. Interval]
{hline 17}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 10}ln_upr {c |}{col 18}{res}{space 2} .0002207{col 30}{space 2} .0047948{col 41}{space 1}    0.05{col 50}{space 3}0.963{col 58}{space 4}-.0091813{col 71}{space 3} .0096228
{txt}{space 10}ln_epr {c |}{col 18}{res}{space 2} .0153443{col 30}{space 2} .0203693{col 41}{space 1}    0.75{col 50}{space 3}0.451{col 58}{space 4}-.0245973{col 71}{space 3} .0552859
{txt}gd_ceodis_pre_15 {c |}{col 18}{res}{space 2}-.9217171{col 30}{space 2} .0194584{col 41}{space 1}  -47.37{col 50}{space 3}0.000{col 58}{space 4}-.9598726{col 71}{space 3}-.8835616
{txt}{space 12}size {c |}{col 18}{res}{space 2}-.0162498{col 30}{space 2} .0078211{col 41}{space 1}   -2.08{col 50}{space 3}0.038{col 58}{space 4}-.0315861{col 71}{space 3}-.0009136
{txt}{space 13}mtb {c |}{col 18}{res}{space 2}-.0048183{col 30}{space 2} .0025878{col 41}{space 1}   -1.86{col 50}{space 3}0.063{col 58}{space 4}-.0098927{col 71}{space 3} .0002561
{txt}{space 13}roa {c |}{col 18}{res}{space 2}-.0852149{col 30}{space 2} .0476847{col 41}{space 1}   -1.79{col 50}{space 3}0.074{col 58}{space 4}-.1787186{col 71}{space 3} .0082888
{txt}{space 14}io {c |}{col 18}{res}{space 2} .0603634{col 30}{space 2} .0204534{col 41}{space 1}    2.95{col 50}{space 3}0.003{col 58}{space 4} .0202569{col 71}{space 3} .1004699
{txt}{space 12}cash {c |}{col 18}{res}{space 2} .0308026{col 30}{space 2} .0345768{col 41}{space 1}    0.89{col 50}{space 3}0.373{col 58}{space 4}-.0369982{col 71}{space 3} .0986033
{txt}{space 13}lev {c |}{col 18}{res}{space 2} .0228076{col 30}{space 2} .0176142{col 41}{space 1}    1.29{col 50}{space 3}0.195{col 58}{space 4}-.0117316{col 71}{space 3} .0573468
{txt}{space 8}salesg_w {c |}{col 18}{res}{space 2}-.0154574{col 30}{space 2} .0197143{col 41}{space 1}   -0.78{col 50}{space 3}0.433{col 58}{space 4}-.0541147{col 71}{space 3} .0231999
{txt}{space 13}tsr {c |}{col 18}{res}{space 2}-.0109546{col 30}{space 2} .0087522{col 41}{space 1}   -1.25{col 50}{space 3}0.211{col 58}{space 4}-.0281164{col 71}{space 3} .0062073
{txt}{space 11}union {c |}{col 18}{res}{space 2}-.0056866{col 30}{space 2} .0097597{col 41}{space 1}   -0.58{col 50}{space 3}0.560{col 58}{space 4} -.024824{col 71}{space 3} .0134509
{txt}{space 14}rd {c |}{col 18}{res}{space 2} .1639805{col 30}{space 2} .1034145{col 41}{space 1}    1.59{col 50}{space 3}0.113{col 58}{space 4}-.0388022{col 71}{space 3} .3667632
{txt}{space 11}_cons {c |}{col 18}{res}{space 2} .1273636{col 30}{space 2} .0459857{col 41}{space 1}    2.77{col 50}{space 3}0.006{col 58}{space 4} .0371914{col 71}{space 3} .2175358
{txt}{hline 17}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      131{col 27}{space 1}        0{col 39}{result}{space 1}      131{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est4{txt} stored)

{com}. eststo: xi: reghdfe gd_ceodis_diff_60 pr_quint_5 pr_quint_1 gd_ceodis_pre_60 size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1, absorb(ffi49)
{res}{txt}(dropped 4 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     1,494
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   1436{txt}){col 67}= {res}     65.70
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.3899
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3657
{txt}{col 51}Within R-sq.{col 67}= {res}    0.3730
{txt}{col 51}Root MSE{col 67}= {res}    0.1984

{txt}{hline 17}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_ceodis_dif~60{col 18}{c |}      Coef.{col 30}   Std. Err.{col 42}      t{col 50}   P>|t|{col 58}     [95% Con{col 71}f. Interval]
{hline 17}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}pr_quint_5 {c |}{col 18}{res}{space 2} .0085139{col 30}{space 2}  .014226{col 41}{space 1}    0.60{col 50}{space 3}0.550{col 58}{space 4}-.0193922{col 71}{space 3} .0364199
{txt}{space 6}pr_quint_1 {c |}{col 18}{res}{space 2} .0005132{col 30}{space 2} .0199363{col 41}{space 1}    0.03{col 50}{space 3}0.979{col 58}{space 4}-.0385942{col 71}{space 3} .0396207
{txt}gd_ceodis_pre_60 {c |}{col 18}{res}{space 2} -.812675{col 30}{space 2} .0280252{col 41}{space 1}  -29.00{col 50}{space 3}0.000{col 58}{space 4}-.8676497{col 71}{space 3}-.7577002
{txt}{space 12}size {c |}{col 18}{res}{space 2}-.0172173{col 30}{space 2} .0040903{col 41}{space 1}   -4.21{col 50}{space 3}0.000{col 58}{space 4} -.025241{col 71}{space 3}-.0091936
{txt}{space 13}mtb {c |}{col 18}{res}{space 2}-.0058344{col 30}{space 2} .0045149{col 41}{space 1}   -1.29{col 50}{space 3}0.196{col 58}{space 4}-.0146909{col 71}{space 3} .0030222
{txt}{space 13}roa {c |}{col 18}{res}{space 2}-.0065412{col 30}{space 2} .0667826{col 41}{space 1}   -0.10{col 50}{space 3}0.922{col 58}{space 4} -.137543{col 71}{space 3} .1244607
{txt}{space 14}io {c |}{col 18}{res}{space 2}-.0062997{col 30}{space 2} .0244822{col 41}{space 1}   -0.26{col 50}{space 3}0.797{col 58}{space 4}-.0543245{col 71}{space 3} .0417251
{txt}{space 12}cash {c |}{col 18}{res}{space 2} .0086191{col 30}{space 2} .0423694{col 41}{space 1}    0.20{col 50}{space 3}0.839{col 58}{space 4}-.0744935{col 71}{space 3} .0917317
{txt}{space 13}lev {c |}{col 18}{res}{space 2} .0184565{col 30}{space 2} .0246266{col 41}{space 1}    0.75{col 50}{space 3}0.454{col 58}{space 4}-.0298514{col 71}{space 3} .0667645
{txt}{space 8}salesg_w {c |}{col 18}{res}{space 2} .0327969{col 30}{space 2} .0228388{col 41}{space 1}    1.44{col 50}{space 3}0.151{col 58}{space 4}-.0120041{col 71}{space 3} .0775979
{txt}{space 13}tsr {c |}{col 18}{res}{space 2}-.0175191{col 30}{space 2} .0139852{col 41}{space 1}   -1.25{col 50}{space 3}0.211{col 58}{space 4}-.0449528{col 71}{space 3} .0099145
{txt}{space 11}union {c |}{col 18}{res}{space 2} .0073674{col 30}{space 2}  .013128{col 41}{space 1}    0.56{col 50}{space 3}0.575{col 58}{space 4}-.0183847{col 71}{space 3} .0331194
{txt}{space 14}rd {c |}{col 18}{res}{space 2}-.3477291{col 30}{space 2} .1379655{col 41}{space 1}   -2.52{col 50}{space 3}0.012{col 58}{space 4}-.6183646{col 71}{space 3}-.0770936
{txt}{space 11}_cons {c |}{col 18}{res}{space 2}  .285646{col 30}{space 2} .0408651{col 41}{space 1}    6.99{col 50}{space 3}0.000{col 58}{space 4} .2054843{col 71}{space 3} .3658077
{txt}{hline 17}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       45{col 27}{space 1}        0{col 39}{result}{space 1}       45{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est5{txt} stored)

{com}. eststo: xi: reghdfe gd_ceodis_diff_60 pr_quint_5 pr_quint_1 gd_ceodis_pre_60 size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1, absorb(indyr)
{res}{txt}(dropped 5 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     4,343
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   4189{txt}){col 67}= {res}    223.61
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4298
{txt}{col 51}Adj R-squared{col 67}= {res}    0.4089
{txt}{col 51}Within R-sq.{col 67}= {res}    0.4097
{txt}{col 51}Root MSE{col 67}= {res}    0.1839

{txt}{hline 17}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_ceodis_dif~60{col 18}{c |}      Coef.{col 30}   Std. Err.{col 42}      t{col 50}   P>|t|{col 58}     [95% Con{col 71}f. Interval]
{hline 17}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}pr_quint_5 {c |}{col 18}{res}{space 2}-.0073944{col 30}{space 2} .0076958{col 41}{space 1}   -0.96{col 50}{space 3}0.337{col 58}{space 4}-.0224823{col 71}{space 3} .0076934
{txt}{space 6}pr_quint_1 {c |}{col 18}{res}{space 2}-.0139211{col 30}{space 2} .0099039{col 41}{space 1}   -1.41{col 50}{space 3}0.160{col 58}{space 4}-.0333379{col 71}{space 3} .0054957
{txt}gd_ceodis_pre_60 {c |}{col 18}{res}{space 2} -.833331{col 30}{space 2} .0155043{col 41}{space 1}  -53.75{col 50}{space 3}0.000{col 58}{space 4}-.8637276{col 71}{space 3}-.8029343
{txt}{space 12}size {c |}{col 18}{res}{space 2} -.014799{col 30}{space 2}  .002253{col 41}{space 1}   -6.57{col 50}{space 3}0.000{col 58}{space 4}-.0192162{col 71}{space 3}-.0103819
{txt}{space 13}mtb {c |}{col 18}{res}{space 2}-.0067647{col 30}{space 2} .0018754{col 41}{space 1}   -3.61{col 50}{space 3}0.000{col 58}{space 4}-.0104414{col 71}{space 3}-.0030879
{txt}{space 13}roa {c |}{col 18}{res}{space 2}-.0475447{col 30}{space 2} .0336531{col 41}{space 1}   -1.41{col 50}{space 3}0.158{col 58}{space 4}-.1135227{col 71}{space 3} .0184332
{txt}{space 14}io {c |}{col 18}{res}{space 2} .0152857{col 30}{space 2} .0142462{col 41}{space 1}    1.07{col 50}{space 3}0.283{col 58}{space 4}-.0126445{col 71}{space 3} .0432158
{txt}{space 12}cash {c |}{col 18}{res}{space 2}-.0198732{col 30}{space 2} .0242908{col 41}{space 1}   -0.82{col 50}{space 3}0.413{col 58}{space 4} -.067496{col 71}{space 3} .0277496
{txt}{space 13}lev {c |}{col 18}{res}{space 2} .0092324{col 30}{space 2} .0126531{col 41}{space 1}    0.73{col 50}{space 3}0.466{col 58}{space 4}-.0155744{col 71}{space 3} .0340392
{txt}{space 8}salesg_w {c |}{col 18}{res}{space 2}  .005076{col 30}{space 2} .0131535{col 41}{space 1}    0.39{col 50}{space 3}0.700{col 58}{space 4}-.0207119{col 71}{space 3} .0308639
{txt}{space 13}tsr {c |}{col 18}{res}{space 2}-.0055136{col 30}{space 2} .0045842{col 41}{space 1}   -1.20{col 50}{space 3}0.229{col 58}{space 4} -.014501{col 71}{space 3} .0034738
{txt}{space 11}union {c |}{col 18}{res}{space 2} .0044516{col 30}{space 2} .0068204{col 41}{space 1}    0.65{col 50}{space 3}0.514{col 58}{space 4}-.0089201{col 71}{space 3} .0178233
{txt}{space 14}rd {c |}{col 18}{res}{space 2}-.0678099{col 30}{space 2} .0682901{col 41}{space 1}   -0.99{col 50}{space 3}0.321{col 58}{space 4}-.2016947{col 71}{space 3}  .066075
{txt}{space 11}_cons {c |}{col 18}{res}{space 2} .2357234{col 30}{space 2} .0243015{col 41}{space 1}    9.70{col 50}{space 3}0.000{col 58}{space 4} .1880796{col 71}{space 3} .2833672
{txt}{hline 17}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      141{col 27}{space 1}        0{col 39}{result}{space 1}      141{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est6{txt} stored)

{com}. eststo: xi: reghdfe gd_ceodis_diff_60 ln_upr ln_epr gd_ceodis_pre_60 size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1, absorb(ffi49)
{res}{txt}(dropped 3 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     1,393
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   1335{txt}){col 67}= {res}     63.54
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4013
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3758
{txt}{col 51}Within R-sq.{col 67}= {res}    0.3822
{txt}{col 51}Root MSE{col 67}= {res}    0.1984

{txt}{hline 17}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_ceodis_dif~60{col 18}{c |}      Coef.{col 30}   Std. Err.{col 42}      t{col 50}   P>|t|{col 58}     [95% Con{col 71}f. Interval]
{hline 17}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 10}ln_upr {c |}{col 18}{res}{space 2}-.0027282{col 30}{space 2} .0062879{col 41}{space 1}   -0.43{col 50}{space 3}0.664{col 58}{space 4}-.0150635{col 71}{space 3}  .009607
{txt}{space 10}ln_epr {c |}{col 18}{res}{space 2} .0035367{col 30}{space 2} .0273168{col 41}{space 1}    0.13{col 50}{space 3}0.897{col 58}{space 4}-.0500518{col 71}{space 3} .0571251
{txt}gd_ceodis_pre_60 {c |}{col 18}{res}{space 2} -.821625{col 30}{space 2} .0288512{col 41}{space 1}  -28.48{col 50}{space 3}0.000{col 58}{space 4}-.8782235{col 71}{space 3}-.7650264
{txt}{space 12}size {c |}{col 18}{res}{space 2}-.0185598{col 30}{space 2} .0106687{col 41}{space 1}   -1.74{col 50}{space 3}0.082{col 58}{space 4} -.039489{col 71}{space 3} .0023694
{txt}{space 13}mtb {c |}{col 18}{res}{space 2}-.0055982{col 30}{space 2} .0046374{col 41}{space 1}   -1.21{col 50}{space 3}0.228{col 58}{space 4}-.0146956{col 71}{space 3} .0034993
{txt}{space 13}roa {c |}{col 18}{res}{space 2}-.0070025{col 30}{space 2} .0697273{col 41}{space 1}   -0.10{col 50}{space 3}0.920{col 58}{space 4}-.1437896{col 71}{space 3} .1297845
{txt}{space 14}io {c |}{col 18}{res}{space 2}-.0161032{col 30}{space 2} .0267637{col 41}{space 1}   -0.60{col 50}{space 3}0.547{col 58}{space 4}-.0686067{col 71}{space 3} .0364004
{txt}{space 12}cash {c |}{col 18}{res}{space 2}  .010239{col 30}{space 2} .0439433{col 41}{space 1}    0.23{col 50}{space 3}0.816{col 58}{space 4}-.0759665{col 71}{space 3} .0964445
{txt}{space 13}lev {c |}{col 18}{res}{space 2} .0231123{col 30}{space 2}   .02533{col 41}{space 1}    0.91{col 50}{space 3}0.362{col 58}{space 4}-.0265786{col 71}{space 3} .0728033
{txt}{space 8}salesg_w {c |}{col 18}{res}{space 2} .0287974{col 30}{space 2} .0240256{col 41}{space 1}    1.20{col 50}{space 3}0.231{col 58}{space 4}-.0183346{col 71}{space 3} .0759295
{txt}{space 13}tsr {c |}{col 18}{res}{space 2}-.0189951{col 30}{space 2} .0142769{col 41}{space 1}   -1.33{col 50}{space 3}0.184{col 58}{space 4}-.0470027{col 71}{space 3} .0090125
{txt}{space 11}union {c |}{col 18}{res}{space 2} .0087677{col 30}{space 2} .0136745{col 41}{space 1}    0.64{col 50}{space 3}0.522{col 58}{space 4}-.0180582{col 71}{space 3} .0355935
{txt}{space 14}rd {c |}{col 18}{res}{space 2}-.3758914{col 30}{space 2} .1407524{col 41}{space 1}   -2.67{col 50}{space 3}0.008{col 58}{space 4}-.6520114{col 71}{space 3}-.0997713
{txt}{space 11}_cons {c |}{col 18}{res}{space 2} .2908507{col 30}{space 2} .0579771{col 41}{space 1}    5.02{col 50}{space 3}0.000{col 58}{space 4} .1771146{col 71}{space 3} .4045868
{txt}{hline 17}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       45{col 27}{space 1}        0{col 39}{result}{space 1}       45{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est7{txt} stored)

{com}. eststo: xi: reghdfe gd_ceodis_diff_60 ln_upr ln_epr gd_ceodis_pre_60 size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1, absorb(indyr)
{res}{txt}(dropped 4 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     4,128
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   3974{txt}){col 67}= {res}    215.70
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4352
{txt}{col 51}Adj R-squared{col 67}= {res}    0.4135
{txt}{col 51}Within R-sq.{col 67}= {res}    0.4137
{txt}{col 51}Root MSE{col 67}= {res}    0.1845

{txt}{hline 17}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_ceodis_dif~60{col 18}{c |}      Coef.{col 30}   Std. Err.{col 42}      t{col 50}   P>|t|{col 58}     [95% Con{col 71}f. Interval]
{hline 17}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 10}ln_upr {c |}{col 18}{res}{space 2} .0040603{col 30}{space 2} .0035715{col 41}{space 1}    1.14{col 50}{space 3}0.256{col 58}{space 4}-.0029418{col 71}{space 3} .0110624
{txt}{space 10}ln_epr {c |}{col 18}{res}{space 2}-.0202442{col 30}{space 2} .0146978{col 41}{space 1}   -1.38{col 50}{space 3}0.168{col 58}{space 4}-.0490601{col 71}{space 3} .0085718
{txt}gd_ceodis_pre_60 {c |}{col 18}{res}{space 2}-.8380656{col 30}{space 2} .0158613{col 41}{space 1}  -52.84{col 50}{space 3}0.000{col 58}{space 4}-.8691626{col 71}{space 3}-.8069686
{txt}{space 12}size {c |}{col 18}{res}{space 2} -.007474{col 30}{space 2} .0057202{col 41}{space 1}   -1.31{col 50}{space 3}0.191{col 58}{space 4}-.0186889{col 71}{space 3} .0037408
{txt}{space 13}mtb {c |}{col 18}{res}{space 2}-.0070592{col 30}{space 2} .0019106{col 41}{space 1}   -3.69{col 50}{space 3}0.000{col 58}{space 4}-.0108051{col 71}{space 3}-.0033133
{txt}{space 13}roa {c |}{col 18}{res}{space 2}-.0347617{col 30}{space 2} .0348695{col 41}{space 1}   -1.00{col 50}{space 3}0.319{col 58}{space 4}-.1031255{col 71}{space 3} .0336021
{txt}{space 14}io {c |}{col 18}{res}{space 2} .0186045{col 30}{space 2} .0148061{col 41}{space 1}    1.26{col 50}{space 3}0.209{col 58}{space 4}-.0104238{col 71}{space 3} .0476328
{txt}{space 12}cash {c |}{col 18}{res}{space 2}-.0283516{col 30}{space 2}  .025083{col 41}{space 1}   -1.13{col 50}{space 3}0.258{col 58}{space 4}-.0775284{col 71}{space 3} .0208253
{txt}{space 13}lev {c |}{col 18}{res}{space 2} .0081116{col 30}{space 2}  .013021{col 41}{space 1}    0.62{col 50}{space 3}0.533{col 58}{space 4}-.0174168{col 71}{space 3} .0336401
{txt}{space 8}salesg_w {c |}{col 18}{res}{space 2}-.0037294{col 30}{space 2} .0138688{col 41}{space 1}   -0.27{col 50}{space 3}0.788{col 58}{space 4}  -.03092{col 71}{space 3} .0234612
{txt}{space 13}tsr {c |}{col 18}{res}{space 2}-.0053921{col 30}{space 2} .0046357{col 41}{space 1}   -1.16{col 50}{space 3}0.245{col 58}{space 4}-.0144807{col 71}{space 3} .0036965
{txt}{space 11}union {c |}{col 18}{res}{space 2} .0054171{col 30}{space 2} .0070873{col 41}{space 1}    0.76{col 50}{space 3}0.445{col 58}{space 4}-.0084781{col 71}{space 3} .0193123
{txt}{space 14}rd {c |}{col 18}{res}{space 2}-.0290411{col 30}{space 2} .0731546{col 41}{space 1}   -0.40{col 50}{space 3}0.691{col 58}{space 4}-.1724652{col 71}{space 3} .1143831
{txt}{space 11}_cons {c |}{col 18}{res}{space 2} .2601266{col 30}{space 2} .0312546{col 41}{space 1}    8.32{col 50}{space 3}0.000{col 58}{space 4}   .19885{col 71}{space 3} .3214031
{txt}{hline 17}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      141{col 27}{space 1}        0{col 39}{result}{space 1}      141{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est8{txt} stored)

{com}. eststo: xi: reghdfe gd_ceodis_diff_90 pr_quint_5 pr_quint_1 gd_ceodis_pre_90 size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1, absorb(ffi49)
{res}{txt}(dropped 3 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     1,629
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   1570{txt}){col 67}= {res}     57.54
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.3424
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3181
{txt}{col 51}Within R-sq.{col 67}= {res}    0.3227
{txt}{col 51}Root MSE{col 67}= {res}    0.1771

{txt}{hline 17}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_ceodis_dif~90{col 18}{c |}      Coef.{col 30}   Std. Err.{col 42}      t{col 50}   P>|t|{col 58}     [95% Con{col 71}f. Interval]
{hline 17}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}pr_quint_5 {c |}{col 18}{res}{space 2} .0056761{col 30}{space 2}  .012385{col 41}{space 1}    0.46{col 50}{space 3}0.647{col 58}{space 4}-.0186169{col 71}{space 3} .0299691
{txt}{space 6}pr_quint_1 {c |}{col 18}{res}{space 2}  .017479{col 30}{space 2} .0165466{col 41}{space 1}    1.06{col 50}{space 3}0.291{col 58}{space 4}-.0149767{col 71}{space 3} .0499348
{txt}gd_ceodis_pre_90 {c |}{col 18}{res}{space 2}-.6985414{col 30}{space 2} .0258719{col 41}{space 1}  -27.00{col 50}{space 3}0.000{col 58}{space 4}-.7492886{col 71}{space 3}-.6477943
{txt}{space 12}size {c |}{col 18}{res}{space 2}-.0126313{col 30}{space 2} .0035167{col 41}{space 1}   -3.59{col 50}{space 3}0.000{col 58}{space 4}-.0195291{col 71}{space 3}-.0057334
{txt}{space 13}mtb {c |}{col 18}{res}{space 2}-.0065879{col 30}{space 2} .0037805{col 41}{space 1}   -1.74{col 50}{space 3}0.082{col 58}{space 4}-.0140032{col 71}{space 3} .0008275
{txt}{space 13}roa {c |}{col 18}{res}{space 2} .0246386{col 30}{space 2} .0556063{col 41}{space 1}    0.44{col 50}{space 3}0.658{col 58}{space 4}-.0844318{col 71}{space 3}  .133709
{txt}{space 14}io {c |}{col 18}{res}{space 2}-.0040258{col 30}{space 2} .0206226{col 41}{space 1}   -0.20{col 50}{space 3}0.845{col 58}{space 4}-.0444765{col 71}{space 3} .0364248
{txt}{space 12}cash {c |}{col 18}{res}{space 2}-.0113049{col 30}{space 2} .0359751{col 41}{space 1}   -0.31{col 50}{space 3}0.753{col 58}{space 4}-.0818693{col 71}{space 3} .0592595
{txt}{space 13}lev {c |}{col 18}{res}{space 2} .0030114{col 30}{space 2} .0212918{col 41}{space 1}    0.14{col 50}{space 3}0.888{col 58}{space 4}-.0387519{col 71}{space 3} .0447747
{txt}{space 8}salesg_w {c |}{col 18}{res}{space 2} .0046557{col 30}{space 2} .0182953{col 41}{space 1}    0.25{col 50}{space 3}0.799{col 58}{space 4}-.0312302{col 71}{space 3} .0405415
{txt}{space 13}tsr {c |}{col 18}{res}{space 2} .0010233{col 30}{space 2} .0116467{col 41}{space 1}    0.09{col 50}{space 3}0.930{col 58}{space 4}-.0218214{col 71}{space 3}  .023868
{txt}{space 11}union {c |}{col 18}{res}{space 2} .0132901{col 30}{space 2} .0113043{col 41}{space 1}    1.18{col 50}{space 3}0.240{col 58}{space 4}-.0088829{col 71}{space 3} .0354631
{txt}{space 14}rd {c |}{col 18}{res}{space 2}-.2229248{col 30}{space 2} .1111254{col 41}{space 1}   -2.01{col 50}{space 3}0.045{col 58}{space 4}-.4408946{col 71}{space 3}-.0049551
{txt}{space 11}_cons {c |}{col 18}{res}{space 2} .2224104{col 30}{space 2}  .034559{col 41}{space 1}    6.44{col 50}{space 3}0.000{col 58}{space 4} .1546237{col 71}{space 3}  .290197
{txt}{hline 17}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       46{col 27}{space 1}        0{col 39}{result}{space 1}       46{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est9{txt} stored)

{com}. eststo: xi: reghdfe gd_ceodis_diff_90 pr_quint_5 pr_quint_1 gd_ceodis_pre_90 size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1, absorb(indyr)
{res}{txt}(dropped 5 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     4,697
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   4542{txt}){col 67}= {res}    236.55
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4243
{txt}{col 51}Adj R-squared{col 67}= {res}    0.4048
{txt}{col 51}Within R-sq.{col 67}= {res}    0.4037
{txt}{col 51}Root MSE{col 67}= {res}    0.1726

{txt}{hline 17}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_ceodis_dif~90{col 18}{c |}      Coef.{col 30}   Std. Err.{col 42}      t{col 50}   P>|t|{col 58}     [95% Con{col 71}f. Interval]
{hline 17}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}pr_quint_5 {c |}{col 18}{res}{space 2}-.0081954{col 30}{space 2}  .007054{col 41}{space 1}   -1.16{col 50}{space 3}0.245{col 58}{space 4}-.0220246{col 71}{space 3} .0056339
{txt}{space 6}pr_quint_1 {c |}{col 18}{res}{space 2} .0076325{col 30}{space 2} .0087038{col 41}{space 1}    0.88{col 50}{space 3}0.381{col 58}{space 4}-.0094312{col 71}{space 3} .0246961
{txt}gd_ceodis_pre_90 {c |}{col 18}{res}{space 2}-.8228305{col 30}{space 2} .0148563{col 41}{space 1}  -55.39{col 50}{space 3}0.000{col 58}{space 4}-.8519561{col 71}{space 3}-.7937048
{txt}{space 12}size {c |}{col 18}{res}{space 2}-.0143755{col 30}{space 2}   .00204{col 41}{space 1}   -7.05{col 50}{space 3}0.000{col 58}{space 4} -.018375{col 71}{space 3}-.0103761
{txt}{space 13}mtb {c |}{col 18}{res}{space 2}-.0060288{col 30}{space 2} .0016838{col 41}{space 1}   -3.58{col 50}{space 3}0.000{col 58}{space 4}-.0093298{col 71}{space 3}-.0027278
{txt}{space 13}roa {c |}{col 18}{res}{space 2}-.0368973{col 30}{space 2} .0294381{col 41}{space 1}   -1.25{col 50}{space 3}0.210{col 58}{space 4}-.0946104{col 71}{space 3} .0208158
{txt}{space 14}io {c |}{col 18}{res}{space 2} .0043823{col 30}{space 2} .0128942{col 41}{space 1}    0.34{col 50}{space 3}0.734{col 58}{space 4}-.0208967{col 71}{space 3} .0296613
{txt}{space 12}cash {c |}{col 18}{res}{space 2}-.0209427{col 30}{space 2} .0216878{col 41}{space 1}   -0.97{col 50}{space 3}0.334{col 58}{space 4}-.0634614{col 71}{space 3} .0215761
{txt}{space 13}lev {c |}{col 18}{res}{space 2} .0119957{col 30}{space 2} .0114463{col 41}{space 1}    1.05{col 50}{space 3}0.295{col 58}{space 4}-.0104446{col 71}{space 3} .0344359
{txt}{space 8}salesg_w {c |}{col 18}{res}{space 2}-.0071326{col 30}{space 2} .0113082{col 41}{space 1}   -0.63{col 50}{space 3}0.528{col 58}{space 4}-.0293022{col 71}{space 3} .0150371
{txt}{space 13}tsr {c |}{col 18}{res}{space 2}-.0025919{col 30}{space 2} .0041497{col 41}{space 1}   -0.62{col 50}{space 3}0.532{col 58}{space 4}-.0107273{col 71}{space 3} .0055434
{txt}{space 11}union {c |}{col 18}{res}{space 2} .0094884{col 30}{space 2} .0062102{col 41}{space 1}    1.53{col 50}{space 3}0.127{col 58}{space 4}-.0026866{col 71}{space 3} .0216634
{txt}{space 14}rd {c |}{col 18}{res}{space 2}-.1245722{col 30}{space 2} .0603179{col 41}{space 1}   -2.07{col 50}{space 3}0.039{col 58}{space 4}-.2428246{col 71}{space 3}-.0063198
{txt}{space 11}_cons {c |}{col 18}{res}{space 2} .2339835{col 30}{space 2} .0218151{col 41}{space 1}   10.73{col 50}{space 3}0.000{col 58}{space 4} .1912154{col 71}{space 3} .2767516
{txt}{hline 17}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      142{col 27}{space 1}        0{col 39}{result}{space 1}      142{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est10{txt} stored)

{com}. eststo: xi: reghdfe gd_ceodis_diff_90 ln_upr ln_epr gd_ceodis_pre_90 size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1, absorb(ffi49)
{res}{txt}(dropped 4 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     1,519
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   1461{txt}){col 67}= {res}     57.32
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.3583
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3333
{txt}{col 51}Within R-sq.{col 67}= {res}    0.3378
{txt}{col 51}Root MSE{col 67}= {res}    0.1757

{txt}{hline 17}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_ceodis_dif~90{col 18}{c |}      Coef.{col 30}   Std. Err.{col 42}      t{col 50}   P>|t|{col 58}     [95% Con{col 71}f. Interval]
{hline 17}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 10}ln_upr {c |}{col 18}{res}{space 2}-.0056468{col 30}{space 2} .0053888{col 41}{space 1}   -1.05{col 50}{space 3}0.295{col 58}{space 4}-.0162175{col 71}{space 3} .0049238
{txt}{space 10}ln_epr {c |}{col 18}{res}{space 2} .0092071{col 30}{space 2} .0232148{col 41}{space 1}    0.40{col 50}{space 3}0.692{col 58}{space 4}-.0363307{col 71}{space 3} .0547449
{txt}gd_ceodis_pre_90 {c |}{col 18}{res}{space 2}-.7071267{col 30}{space 2} .0263465{col 41}{space 1}  -26.84{col 50}{space 3}0.000{col 58}{space 4}-.7588077{col 71}{space 3}-.6554458
{txt}{space 12}size {c |}{col 18}{res}{space 2}-.0172486{col 30}{space 2} .0090598{col 41}{space 1}   -1.90{col 50}{space 3}0.057{col 58}{space 4}-.0350202{col 71}{space 3}  .000523
{txt}{space 13}mtb {c |}{col 18}{res}{space 2}-.0069428{col 30}{space 2} .0038435{col 41}{space 1}   -1.81{col 50}{space 3}0.071{col 58}{space 4}-.0144822{col 71}{space 3} .0005966
{txt}{space 13}roa {c |}{col 18}{res}{space 2} .0350688{col 30}{space 2} .0572744{col 41}{space 1}    0.61{col 50}{space 3}0.540{col 58}{space 4}-.0772799{col 71}{space 3} .1474176
{txt}{space 14}io {c |}{col 18}{res}{space 2}-.0197628{col 30}{space 2} .0221676{col 41}{space 1}   -0.89{col 50}{space 3}0.373{col 58}{space 4}-.0632465{col 71}{space 3}  .023721
{txt}{space 12}cash {c |}{col 18}{res}{space 2}-.0022558{col 30}{space 2} .0369381{col 41}{space 1}   -0.06{col 50}{space 3}0.951{col 58}{space 4}-.0747133{col 71}{space 3} .0702016
{txt}{space 13}lev {c |}{col 18}{res}{space 2} .0077221{col 30}{space 2}  .021676{col 41}{space 1}    0.36{col 50}{space 3}0.722{col 58}{space 4}-.0347974{col 71}{space 3} .0502415
{txt}{space 8}salesg_w {c |}{col 18}{res}{space 2} .0072007{col 30}{space 2} .0192761{col 41}{space 1}    0.37{col 50}{space 3}0.709{col 58}{space 4}-.0306111{col 71}{space 3} .0450124
{txt}{space 13}tsr {c |}{col 18}{res}{space 2}-.0015194{col 30}{space 2} .0117901{col 41}{space 1}   -0.13{col 50}{space 3}0.897{col 58}{space 4}-.0246467{col 71}{space 3} .0216079
{txt}{space 11}union {c |}{col 18}{res}{space 2} .0135474{col 30}{space 2} .0116837{col 41}{space 1}    1.16{col 50}{space 3}0.246{col 58}{space 4}-.0093713{col 71}{space 3}  .036466
{txt}{space 14}rd {c |}{col 18}{res}{space 2}-.2164415{col 30}{space 2} .1120974{col 41}{space 1}   -1.93{col 50}{space 3}0.054{col 58}{space 4}-.4363305{col 71}{space 3} .0034474
{txt}{space 11}_cons {c |}{col 18}{res}{space 2} .2327858{col 30}{space 2}  .048414{col 41}{space 1}    4.81{col 50}{space 3}0.000{col 58}{space 4} .1378174{col 71}{space 3} .3277543
{txt}{hline 17}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       45{col 27}{space 1}        0{col 39}{result}{space 1}       45{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est11{txt} stored)

{com}. eststo: xi: reghdfe gd_ceodis_diff_90 ln_upr ln_epr gd_ceodis_pre_90 size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1, absorb(indyr)
{res}{txt}(dropped 4 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     4,463
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   4308{txt}){col 67}= {res}    228.10
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4289
{txt}{col 51}Adj R-squared{col 67}= {res}    0.4085
{txt}{col 51}Within R-sq.{col 67}= {res}    0.4077
{txt}{col 51}Root MSE{col 67}= {res}    0.1736

{txt}{hline 17}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_ceodis_dif~90{col 18}{c |}      Coef.{col 30}   Std. Err.{col 42}      t{col 50}   P>|t|{col 58}     [95% Con{col 71}f. Interval]
{hline 17}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 10}ln_upr {c |}{col 18}{res}{space 2}-.0025475{col 30}{space 2} .0032655{col 41}{space 1}   -0.78{col 50}{space 3}0.435{col 58}{space 4}-.0089496{col 71}{space 3} .0038546
{txt}{space 10}ln_epr {c |}{col 18}{res}{space 2}-.0276052{col 30}{space 2} .0129999{col 41}{space 1}   -2.12{col 50}{space 3}0.034{col 58}{space 4}-.0530916{col 71}{space 3}-.0021187
{txt}gd_ceodis_pre_90 {c |}{col 18}{res}{space 2}-.8305375{col 30}{space 2} .0152773{col 41}{space 1}  -54.36{col 50}{space 3}0.000{col 58}{space 4}-.8604889{col 71}{space 3}-.8005861
{txt}{space 12}size {c |}{col 18}{res}{space 2}-.0065775{col 30}{space 2} .0050933{col 41}{space 1}   -1.29{col 50}{space 3}0.197{col 58}{space 4}-.0165629{col 71}{space 3} .0034079
{txt}{space 13}mtb {c |}{col 18}{res}{space 2}-.0065262{col 30}{space 2} .0017418{col 41}{space 1}   -3.75{col 50}{space 3}0.000{col 58}{space 4}-.0099411{col 71}{space 3}-.0031113
{txt}{space 13}roa {c |}{col 18}{res}{space 2} -.019413{col 30}{space 2} .0310393{col 41}{space 1}   -0.63{col 50}{space 3}0.532{col 58}{space 4}-.0802661{col 71}{space 3} .0414401
{txt}{space 14}io {c |}{col 18}{res}{space 2}  .005729{col 30}{space 2}  .013427{col 41}{space 1}    0.43{col 50}{space 3}0.670{col 58}{space 4}-.0205949{col 71}{space 3} .0320528
{txt}{space 12}cash {c |}{col 18}{res}{space 2}-.0300522{col 30}{space 2} .0224542{col 41}{space 1}   -1.34{col 50}{space 3}0.181{col 58}{space 4} -.074074{col 71}{space 3} .0139696
{txt}{space 13}lev {c |}{col 18}{res}{space 2} .0129468{col 30}{space 2} .0118056{col 41}{space 1}    1.10{col 50}{space 3}0.273{col 58}{space 4}-.0101983{col 71}{space 3} .0360918
{txt}{space 8}salesg_w {c |}{col 18}{res}{space 2}-.0143224{col 30}{space 2} .0118881{col 41}{space 1}   -1.20{col 50}{space 3}0.228{col 58}{space 4}-.0376293{col 71}{space 3} .0089844
{txt}{space 13}tsr {c |}{col 18}{res}{space 2}-.0019508{col 30}{space 2} .0042069{col 41}{space 1}   -0.46{col 50}{space 3}0.643{col 58}{space 4}-.0101985{col 71}{space 3} .0062968
{txt}{space 11}union {c |}{col 18}{res}{space 2} .0107724{col 30}{space 2} .0064721{col 41}{space 1}    1.66{col 50}{space 3}0.096{col 58}{space 4}-.0019162{col 71}{space 3}  .023461
{txt}{space 14}rd {c |}{col 18}{res}{space 2}-.1090876{col 30}{space 2} .0642431{col 41}{space 1}   -1.70{col 50}{space 3}0.090{col 58}{space 4}-.2350371{col 71}{space 3} .0168619
{txt}{space 11}_cons {c |}{col 18}{res}{space 2} .2917047{col 30}{space 2} .0274597{col 41}{space 1}   10.62{col 50}{space 3}0.000{col 58}{space 4} .2378695{col 71}{space 3}   .34554
{txt}{hline 17}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      142{col 27}{space 1}        0{col 39}{result}{space 1}      142{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est12{txt} stored)

{com}. eststo: xi: reghdfe gd_ceodis_diff_365 pr_quint_5 pr_quint_1 gd_ceodis_pre_365 size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1, absorb(ffi49)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     2,006
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   1944{txt}){col 67}= {res}     57.40
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.2908
{txt}{col 51}Adj R-squared{col 67}= {res}    0.2685
{txt}{col 51}Within R-sq.{col 67}= {res}    0.2774
{txt}{col 51}Root MSE{col 67}= {res}    0.0816

{txt}{hline 18}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_ceodis_dif~365{col 19}{c |}      Coef.{col 31}   Std. Err.{col 43}      t{col 51}   P>|t|{col 59}     [95% Con{col 72}f. Interval]
{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 7}pr_quint_5 {c |}{col 19}{res}{space 2} .0191801{col 31}{space 2} .0053745{col 42}{space 1}    3.57{col 51}{space 3}0.000{col 59}{space 4} .0086398{col 72}{space 3} .0297205
{txt}{space 7}pr_quint_1 {c |}{col 19}{res}{space 2}-.0036044{col 31}{space 2} .0061084{col 42}{space 1}   -0.59{col 51}{space 3}0.555{col 59}{space 4}-.0155842{col 72}{space 3} .0083753
{txt}gd_ceodis_pre_365 {c |}{col 19}{res}{space 2}-.4858802{col 31}{space 2} .0180677{col 42}{space 1}  -26.89{col 51}{space 3}0.000{col 59}{space 4}-.5213144{col 72}{space 3} -.450446
{txt}{space 13}size {c |}{col 19}{res}{space 2}-.0002673{col 31}{space 2} .0014639{col 42}{space 1}   -0.18{col 51}{space 3}0.855{col 59}{space 4}-.0031384{col 72}{space 3} .0026038
{txt}{space 14}mtb {c |}{col 19}{res}{space 2}-.0011166{col 31}{space 2} .0014787{col 42}{space 1}   -0.76{col 51}{space 3}0.450{col 59}{space 4}-.0040166{col 72}{space 3} .0017835
{txt}{space 14}roa {c |}{col 19}{res}{space 2}-.0228881{col 31}{space 2}  .020046{col 42}{space 1}   -1.14{col 51}{space 3}0.254{col 59}{space 4} -.062202{col 72}{space 3} .0164259
{txt}{space 15}io {c |}{col 19}{res}{space 2}  -.00922{col 31}{space 2} .0085493{col 42}{space 1}   -1.08{col 51}{space 3}0.281{col 59}{space 4}-.0259868{col 72}{space 3} .0075468
{txt}{space 13}cash {c |}{col 19}{res}{space 2} .0116653{col 31}{space 2} .0148187{col 42}{space 1}    0.79{col 51}{space 3}0.431{col 59}{space 4} -.017397{col 72}{space 3} .0407275
{txt}{space 14}lev {c |}{col 19}{res}{space 2} .0062393{col 31}{space 2} .0087937{col 42}{space 1}    0.71{col 51}{space 3}0.478{col 59}{space 4}-.0110068{col 72}{space 3} .0234854
{txt}{space 9}salesg_w {c |}{col 19}{res}{space 2}-.0063436{col 31}{space 2} .0066539{col 42}{space 1}   -0.95{col 51}{space 3}0.341{col 59}{space 4}-.0193932{col 72}{space 3}  .006706
{txt}{space 14}tsr {c |}{col 19}{res}{space 2}-.0014288{col 31}{space 2} .0045523{col 42}{space 1}   -0.31{col 51}{space 3}0.754{col 59}{space 4}-.0103566{col 72}{space 3} .0074991
{txt}{space 12}union {c |}{col 19}{res}{space 2} .0042124{col 31}{space 2} .0047396{col 42}{space 1}    0.89{col 51}{space 3}0.374{col 59}{space 4}-.0050828{col 72}{space 3} .0135076
{txt}{space 15}rd {c |}{col 19}{res}{space 2} .0182045{col 31}{space 2} .0395221{col 42}{space 1}    0.46{col 51}{space 3}0.645{col 59}{space 4}-.0593056{col 72}{space 3} .0957146
{txt}{space 12}_cons {c |}{col 19}{res}{space 2} .0260633{col 31}{space 2} .0139029{col 42}{space 1}    1.87{col 51}{space 3}0.061{col 59}{space 4}-.0012029{col 72}{space 3} .0533294
{txt}{hline 18}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       49{col 27}{space 1}        0{col 39}{result}{space 1}       49{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est13{txt} stored)

{com}. eststo: xi: reghdfe gd_ceodis_diff_365 pr_quint_5 pr_quint_1 gd_ceodis_pre_365 size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1, absorb(indyr)
{res}{txt}(dropped 1 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     5,536
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   5377{txt}){col 67}= {res}    381.75
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.5136
{txt}{col 51}Adj R-squared{col 67}= {res}    0.4993
{txt}{col 51}Within R-sq.{col 67}= {res}    0.4800
{txt}{col 51}Root MSE{col 67}= {res}    0.0925

{txt}{hline 18}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_ceodis_dif~365{col 19}{c |}      Coef.{col 31}   Std. Err.{col 43}      t{col 51}   P>|t|{col 59}     [95% Con{col 72}f. Interval]
{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 7}pr_quint_5 {c |}{col 19}{res}{space 2} .0006868{col 31}{space 2} .0036614{col 42}{space 1}    0.19{col 51}{space 3}0.851{col 59}{space 4} -.006491{col 72}{space 3} .0078646
{txt}{space 7}pr_quint_1 {c |}{col 19}{res}{space 2} .0006656{col 31}{space 2} .0039436{col 42}{space 1}    0.17{col 51}{space 3}0.866{col 59}{space 4}-.0070654{col 72}{space 3} .0083966
{txt}gd_ceodis_pre_365 {c |}{col 19}{res}{space 2}-.7214561{col 31}{space 2} .0102664{col 42}{space 1}  -70.27{col 51}{space 3}0.000{col 59}{space 4}-.7415824{col 72}{space 3}-.7013297
{txt}{space 13}size {c |}{col 19}{res}{space 2}-.0036025{col 31}{space 2}  .001021{col 42}{space 1}   -3.53{col 51}{space 3}0.000{col 59}{space 4} -.005604{col 72}{space 3} -.001601
{txt}{space 14}mtb {c |}{col 19}{res}{space 2}-.0017736{col 31}{space 2} .0008434{col 42}{space 1}   -2.10{col 51}{space 3}0.036{col 59}{space 4} -.003427{col 72}{space 3}-.0001202
{txt}{space 14}roa {c |}{col 19}{res}{space 2}-.0295346{col 31}{space 2} .0135866{col 42}{space 1}   -2.17{col 51}{space 3}0.030{col 59}{space 4}-.0561698{col 72}{space 3}-.0028994
{txt}{space 15}io {c |}{col 19}{res}{space 2} .0003927{col 31}{space 2} .0034201{col 42}{space 1}    0.11{col 51}{space 3}0.909{col 59}{space 4}-.0063121{col 72}{space 3} .0070975
{txt}{space 13}cash {c |}{col 19}{res}{space 2}-.0019565{col 31}{space 2} .0105663{col 42}{space 1}   -0.19{col 51}{space 3}0.853{col 59}{space 4}-.0226708{col 72}{space 3} .0187578
{txt}{space 14}lev {c |}{col 19}{res}{space 2} -.002063{col 31}{space 2} .0054942{col 42}{space 1}   -0.38{col 51}{space 3}0.707{col 59}{space 4}-.0128339{col 72}{space 3} .0087078
{txt}{space 9}salesg_w {c |}{col 19}{res}{space 2}-.0145415{col 31}{space 2} .0049675{col 42}{space 1}   -2.93{col 51}{space 3}0.003{col 59}{space 4}-.0242797{col 72}{space 3}-.0048032
{txt}{space 14}tsr {c |}{col 19}{res}{space 2} -.002253{col 31}{space 2} .0021411{col 42}{space 1}   -1.05{col 51}{space 3}0.293{col 59}{space 4}-.0064504{col 72}{space 3} .0019444
{txt}{space 12}union {c |}{col 19}{res}{space 2} .0077667{col 31}{space 2} .0031331{col 42}{space 1}    2.48{col 51}{space 3}0.013{col 59}{space 4} .0016245{col 72}{space 3} .0139088
{txt}{space 15}rd {c |}{col 19}{res}{space 2}-.0154955{col 31}{space 2} .0272185{col 42}{space 1}   -0.57{col 51}{space 3}0.569{col 59}{space 4}-.0688549{col 72}{space 3} .0378638
{txt}{space 12}_cons {c |}{col 19}{res}{space 2} .0927042{col 31}{space 2} .0097702{col 42}{space 1}    9.49{col 51}{space 3}0.000{col 59}{space 4} .0735506{col 72}{space 3} .1118577
{txt}{hline 18}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      146{col 27}{space 1}        0{col 39}{result}{space 1}      146{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est14{txt} stored)

{com}. eststo: xi: reghdfe gd_ceodis_diff_365 ln_upr ln_epr gd_ceodis_pre_365 size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1, absorb(ffi49)
{res}{txt}(dropped 1 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     1,870
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   1809{txt}){col 67}= {res}     53.05
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.2911
{txt}{col 51}Adj R-squared{col 67}= {res}    0.2676
{txt}{col 51}Within R-sq.{col 67}= {res}    0.2760
{txt}{col 51}Root MSE{col 67}= {res}    0.0771

{txt}{hline 18}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_ceodis_dif~365{col 19}{c |}      Coef.{col 31}   Std. Err.{col 43}      t{col 51}   P>|t|{col 59}     [95% Con{col 72}f. Interval]
{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 11}ln_upr {c |}{col 19}{res}{space 2} .0048184{col 31}{space 2} .0022133{col 42}{space 1}    2.18{col 51}{space 3}0.030{col 59}{space 4} .0004775{col 72}{space 3} .0091592
{txt}{space 11}ln_epr {c |}{col 19}{res}{space 2} .0155472{col 31}{space 2} .0087995{col 42}{space 1}    1.77{col 51}{space 3}0.077{col 59}{space 4}-.0017111{col 72}{space 3} .0328054
{txt}gd_ceodis_pre_365 {c |}{col 19}{res}{space 2}-.4647943{col 31}{space 2} .0180514{col 42}{space 1}  -25.75{col 51}{space 3}0.000{col 59}{space 4}-.5001981{col 72}{space 3}-.4293906
{txt}{space 13}size {c |}{col 19}{res}{space 2}-.0041577{col 31}{space 2} .0035006{col 42}{space 1}   -1.19{col 51}{space 3}0.235{col 59}{space 4}-.0110234{col 72}{space 3} .0027079
{txt}{space 14}mtb {c |}{col 19}{res}{space 2}-.0013827{col 31}{space 2}  .001426{col 42}{space 1}   -0.97{col 51}{space 3}0.332{col 59}{space 4}-.0041795{col 72}{space 3} .0014141
{txt}{space 14}roa {c |}{col 19}{res}{space 2}-.0229291{col 31}{space 2} .0195501{col 42}{space 1}   -1.17{col 51}{space 3}0.241{col 59}{space 4}-.0612723{col 72}{space 3}  .015414
{txt}{space 15}io {c |}{col 19}{res}{space 2}-.0114742{col 31}{space 2} .0087166{col 42}{space 1}   -1.32{col 51}{space 3}0.188{col 59}{space 4}  -.02857{col 72}{space 3} .0056215
{txt}{space 13}cash {c |}{col 19}{res}{space 2} .0238571{col 31}{space 2} .0145967{col 42}{space 1}    1.63{col 51}{space 3}0.102{col 59}{space 4}-.0047711{col 72}{space 3} .0524852
{txt}{space 14}lev {c |}{col 19}{res}{space 2} .0065136{col 31}{space 2}  .008559{col 42}{space 1}    0.76{col 51}{space 3}0.447{col 59}{space 4} -.010273{col 72}{space 3} .0233002
{txt}{space 9}salesg_w {c |}{col 19}{res}{space 2} .0016083{col 31}{space 2}  .006696{col 42}{space 1}    0.24{col 51}{space 3}0.810{col 59}{space 4}-.0115244{col 72}{space 3} .0147409
{txt}{space 14}tsr {c |}{col 19}{res}{space 2}-.0015195{col 31}{space 2} .0043899{col 42}{space 1}   -0.35{col 51}{space 3}0.729{col 59}{space 4}-.0101293{col 72}{space 3} .0070903
{txt}{space 12}union {c |}{col 19}{res}{space 2} .0028431{col 31}{space 2} .0046664{col 42}{space 1}    0.61{col 51}{space 3}0.542{col 59}{space 4}-.0063091{col 72}{space 3} .0119952
{txt}{space 15}rd {c |}{col 19}{res}{space 2}-.0096184{col 31}{space 2} .0381163{col 42}{space 1}   -0.25{col 51}{space 3}0.801{col 59}{space 4}-.0843749{col 72}{space 3} .0651381
{txt}{space 12}_cons {c |}{col 19}{res}{space 2}-.0080413{col 31}{space 2} .0174059{col 42}{space 1}   -0.46{col 51}{space 3}0.644{col 59}{space 4} -.042179{col 72}{space 3} .0260964
{txt}{hline 18}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       48{col 27}{space 1}        0{col 39}{result}{space 1}       48{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est15{txt} stored)

{com}. eststo: xi: reghdfe gd_ceodis_diff_365 ln_upr ln_epr gd_ceodis_pre_365 size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1, absorb(indyr)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     5,250
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   5091{txt}){col 67}= {res}    360.38
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.5153
{txt}{col 51}Adj R-squared{col 67}= {res}    0.5002
{txt}{col 51}Within R-sq.{col 67}= {res}    0.4792
{txt}{col 51}Root MSE{col 67}= {res}    0.0920

{txt}{hline 18}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_ceodis_dif~365{col 19}{c |}      Coef.{col 31}   Std. Err.{col 43}      t{col 51}   P>|t|{col 59}     [95% Con{col 72}f. Interval]
{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 11}ln_upr {c |}{col 19}{res}{space 2} .0004141{col 31}{space 2} .0016287{col 42}{space 1}    0.25{col 51}{space 3}0.799{col 59}{space 4}-.0027788{col 72}{space 3} .0036071
{txt}{space 11}ln_epr {c |}{col 19}{res}{space 2}  .011185{col 31}{space 2}  .006131{col 42}{space 1}    1.82{col 51}{space 3}0.068{col 59}{space 4}-.0008343{col 72}{space 3} .0232044
{txt}gd_ceodis_pre_365 {c |}{col 19}{res}{space 2}-.7235908{col 31}{space 2} .0106029{col 42}{space 1}  -68.24{col 51}{space 3}0.000{col 59}{space 4} -.744377{col 72}{space 3}-.7028046
{txt}{space 13}size {c |}{col 19}{res}{space 2}-.0079514{col 31}{space 2} .0024254{col 42}{space 1}   -3.28{col 51}{space 3}0.001{col 59}{space 4}-.0127062{col 72}{space 3}-.0031966
{txt}{space 14}mtb {c |}{col 19}{res}{space 2}-.0019952{col 31}{space 2}  .000865{col 42}{space 1}   -2.31{col 51}{space 3}0.021{col 59}{space 4}-.0036909{col 72}{space 3}-.0002995
{txt}{space 14}roa {c |}{col 19}{res}{space 2}-.0307312{col 31}{space 2}  .014141{col 42}{space 1}   -2.17{col 51}{space 3}0.030{col 59}{space 4}-.0584536{col 72}{space 3}-.0030087
{txt}{space 15}io {c |}{col 19}{res}{space 2} .0014629{col 31}{space 2} .0034413{col 42}{space 1}    0.43{col 51}{space 3}0.671{col 59}{space 4}-.0052835{col 72}{space 3} .0082093
{txt}{space 13}cash {c |}{col 19}{res}{space 2} .0018858{col 31}{space 2} .0109135{col 42}{space 1}    0.17{col 51}{space 3}0.863{col 59}{space 4}-.0195093{col 72}{space 3}  .023281
{txt}{space 14}lev {c |}{col 19}{res}{space 2}-.0014712{col 31}{space 2} .0056862{col 42}{space 1}   -0.26{col 51}{space 3}0.796{col 59}{space 4}-.0126186{col 72}{space 3} .0096762
{txt}{space 9}salesg_w {c |}{col 19}{res}{space 2}-.0148841{col 31}{space 2} .0052185{col 42}{space 1}   -2.85{col 51}{space 3}0.004{col 59}{space 4}-.0251146{col 72}{space 3}-.0046535
{txt}{space 14}tsr {c |}{col 19}{res}{space 2}-.0015915{col 31}{space 2} .0021504{col 42}{space 1}   -0.74{col 51}{space 3}0.459{col 59}{space 4}-.0058071{col 72}{space 3} .0026242
{txt}{space 12}union {c |}{col 19}{res}{space 2} .0062378{col 31}{space 2} .0032257{col 42}{space 1}    1.93{col 51}{space 3}0.053{col 59}{space 4}-.0000859{col 72}{space 3} .0125616
{txt}{space 15}rd {c |}{col 19}{res}{space 2}-.0159622{col 31}{space 2} .0284777{col 42}{space 1}   -0.56{col 51}{space 3}0.575{col 59}{space 4}-.0717907{col 72}{space 3} .0398662
{txt}{space 12}_cons {c |}{col 19}{res}{space 2} .0790955{col 31}{space 2}  .012132{col 42}{space 1}    6.52{col 51}{space 3}0.000{col 59}{space 4} .0553115{col 72}{space 3} .1028795
{txt}{hline 18}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      146{col 27}{space 1}        0{col 39}{result}{space 1}      146{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est16{txt} stored)

{com}. esttab using "Output/Tables/RF/T10_emp_ceodis_narrow.csv", b(3) ar2 varwidth(25) title("CEO Disapproval Tighter Windows") order(pr_quint_5 pr_quint_1 ln_upr ln_epr gd_ceodis_pre_15 gd_ceodis_pre_60 gd_ceodis_pre_90 gd_ceodis_pre_365 size mtb roa io cash lev salesg_w tsr union rd) star(* 0.10 ** 0.05  *** 0.01 ) drop(_cons) replace
{res}{txt}(output written to {browse  `"Output/Tables/RF/T10_emp_ceodis_narrow.csv"'})

{com}. 
{txt}end of do-file

{com}. 
. 
. ////////////////////////////////////////////////////////////////////////////////
> // --------------------------------- Figure --------------------------------- //
. ////////////////////////////////////////////////////////////////////////////////
> 
. // -------------------------------------------- Figure 1: Pay Ratio Distribution
. do Code/produce_figure1
{txt}
{com}. 
. ************************************************************************************************************
. **#                                                     FIGURE 1: PAY RATIO HISTOGRAMS
. ************************************************************************************************************
. 
. capture cd "C:\Users\austin.starkweather\Dropbox\Research\CEO Pay Ratio\Analysis"
{txt}
{com}. capture cd "/Users/joshw/Dropbox/CEO Pay Ratio/Analysis/"
{txt}
{com}. use "Data/Temp/dataset_main.dta", clear
{txt}
{com}. 
. *Note: bin_ratio = CEO pay ratio truncated at 500 for the graph
. 
. ****************************
. *Panel A - Reporting Year 1
. ****************************
. histogram bin_ratio if(sample_yr==1), percent ytitle(Percent of Sample) xtitle(CEO Pay Ratio) scheme(s2mono) graphregion(color(white)) ylabel(0 "0%"  5 "5%"  10 "10%" 15 "15%") xlabel(0 "0"  100 "100" 200 "200" 300 "300" 400 "400" 500 "{c -(}&ge{c )-}500")  bcolor(dknavy) barwidth(14)
{txt}(bin={res}33{txt}, start={res}0{txt}, width={res}15.151515{txt})
{res}{txt}
{com}. graph export "Output/Tables/RF/Fig1_pr_histogram_yr1.png", as(png) replace
{txt}(file Output/Tables/RF/Fig1_pr_histogram_yr1.png written in PNG format)

{com}. 
. ******************************
. *Panel B - Reporting Years 2-4
. ****************************** 
. histogram bin_ratio if(sample_yr!=1), percent ytitle(Percent of Sample) xtitle(CEO Pay Ratio) scheme(s2mono) graphregion(color(white)) ylabel(0 "0%"  5 "5%"  10 "10%" 15 "15%") xlabel(0 "0"  100 "100" 200 "200" 300 "300" 400 "400" 500 "{c -(}&ge{c )-}500") bcolor(dknavy) barwidth(14)
{txt}(bin={res}38{txt}, start={res}0{txt}, width={res}13.157895{txt})
{res}{txt}
{com}. graph export "Output/Tables/RF/Fig1_pr_histogram_yr2_4.png", as(png) replace
{txt}(file Output/Tables/RF/Fig1_pr_histogram_yr2_4.png written in PNG format)

{com}. 
{txt}end of do-file

{com}. 
. 
. ////////////////////////////////////////////////////////////////////////////////
> // ------------------------------- Appendix C ------------------------------- //
. ////////////////////////////////////////////////////////////////////////////////
> 
. // -------------------------------------------- Table C-1: Glassdoor Correlation
. do Code/produce_tableC1
{txt}
{com}. 
. ************************************************************************************************************
. **#                                              Appendix C - Table C-1: Correlation Matrix of Glassdoor Variables
. ************************************************************************************************************
. 
. capture cd "C:\Users\austin.starkweather\Dropbox\Research\CEO Pay Ratio\Analysis"
{txt}
{com}. capture cd "/Users/joshw/Dropbox/CEO Pay Ratio/Analysis/"
{txt}
{com}. use "Data/Temp/dataset_main.dta", clear
{txt}
{com}. 
. ****************************
. *Yearly pairwise correlation 
. ****************************
. est clear
{txt}
{com}. pwcorr gd_pay_post_365 gd_ceodis_post_365 gd_wl_post_365 gd_cult_post_365 gd_opp_post_365 gd_overall_post_365, star(0.01)

             {txt}{c |} gd_pay.. gd_ceo.. gd_wl_.. gd_cul.. gd_opp.. gd_ove..
{hline 13}{c +}{hline 54}
gd_pay_pos~5 {c |} {res}  1.0000 
{txt}gd_ceo~t_365 {c |} {res} -0.2162*  1.0000 
{txt}gd_wl_po~365 {c |} {res}  0.5571* -0.2465*  1.0000 
{txt}gd_cult_po~5 {c |} {res}  0.6274* -0.2853*  0.7547*  1.0000 
{txt}gd_opp_pos~5 {c |} {res}  0.6598* -0.2380*  0.6237*  0.7922*  1.0000 
{txt}gd_ove~t_365 {c |} {res}  0.6611* -0.2628*  0.7134*  0.8565*  0.8106*  1.0000 
{txt}
{com}. 
{txt}end of do-file

{com}. 
. // -------------------------------------------- Table C-2: Glassdoor Correlation
. do Code/produce_tableC2
{txt}
{com}. 
. ************************************************************************************************************
. **#                                              Appendix C - Table C-1: Other Employee Responses to the CEO Pay Ratio Disclosure
. ************************************************************************************************************
. 
. capture cd "C:\Users\austin.starkweather\Dropbox\Research\CEO Pay Ratio\Analysis"
{txt}
{com}. capture cd "/Users/joshw/Dropbox/CEO Pay Ratio/Analysis/"
{txt}
{com}. use "Data/Temp/dataset_main.dta", clear
{txt}
{com}. 
. ****************************
. *Change in Work Life Balance
. ****************************
. est clear
{txt}
{com}. eststo: xi: reghdfe gd_wl_diff_365 pr_quint_5 pr_quint_1 gd_wl_pre_365 size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1 ,absorb(ffi49)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     1,984
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   1922{txt}){col 67}= {res}     72.03
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.3427
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3218
{txt}{col 51}Within R-sq.{col 67}= {res}    0.3276
{txt}{col 51}Root MSE{col 67}= {res}    0.5949

{txt}{hline 14}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_wl_dif~365{col 15}{c |}      Coef.{col 27}   Std. Err.{col 39}      t{col 47}   P>|t|{col 55}     [95% Con{col 68}f. Interval]
{hline 14}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 3}pr_quint_5 {c |}{col 15}{res}{space 2}-.0297618{col 27}{space 2} .0393114{col 38}{space 1}   -0.76{col 47}{space 3}0.449{col 55}{space 4}-.1068593{col 68}{space 3} .0473357
{txt}{space 3}pr_quint_1 {c |}{col 15}{res}{space 2} .0773776{col 27}{space 2} .0451176{col 38}{space 1}    1.72{col 47}{space 3}0.087{col 55}{space 4}-.0111069{col 68}{space 3} .1658621
{txt}gd_wl_pre_365 {c |}{col 15}{res}{space 2}-.6783837{col 27}{space 2} .0224107{col 38}{space 1}  -30.27{col 47}{space 3}0.000{col 55}{space 4}-.7223355{col 68}{space 3} -.634432
{txt}{space 9}size {c |}{col 15}{res}{space 2}  .025109{col 27}{space 2} .0107576{col 38}{space 1}    2.33{col 47}{space 3}0.020{col 55}{space 4} .0040112{col 68}{space 3} .0462068
{txt}{space 10}mtb {c |}{col 15}{res}{space 2}-.0025633{col 27}{space 2} .0108992{col 38}{space 1}   -0.24{col 47}{space 3}0.814{col 55}{space 4}-.0239388{col 68}{space 3} .0188121
{txt}{space 10}roa {c |}{col 15}{res}{space 2} .0881687{col 27}{space 2} .1505517{col 38}{space 1}    0.59{col 47}{space 3}0.558{col 55}{space 4}-.2070931{col 68}{space 3} .3834304
{txt}{space 11}io {c |}{col 15}{res}{space 2}-.0233013{col 27}{space 2} .0628612{col 38}{space 1}   -0.37{col 47}{space 3}0.711{col 55}{space 4}-.1465845{col 68}{space 3}  .099982
{txt}{space 9}cash {c |}{col 15}{res}{space 2} .1610976{col 27}{space 2} .1086765{col 38}{space 1}    1.48{col 47}{space 3}0.138{col 55}{space 4}-.0520387{col 68}{space 3} .3742339
{txt}{space 10}lev {c |}{col 15}{res}{space 2}  -.08533{col 27}{space 2} .0642494{col 38}{space 1}   -1.33{col 47}{space 3}0.184{col 55}{space 4}-.2113359{col 68}{space 3} .0406758
{txt}{space 5}salesg_w {c |}{col 15}{res}{space 2}-.1017584{col 27}{space 2} .0489934{col 38}{space 1}   -2.08{col 47}{space 3}0.038{col 55}{space 4}-.1978441{col 68}{space 3}-.0056726
{txt}{space 10}tsr {c |}{col 15}{res}{space 2}-.0058832{col 27}{space 2} .0347077{col 38}{space 1}   -0.17{col 47}{space 3}0.865{col 55}{space 4} -.073952{col 68}{space 3} .0621855
{txt}{space 8}union {c |}{col 15}{res}{space 2}-.0499216{col 27}{space 2} .0346564{col 38}{space 1}   -1.44{col 47}{space 3}0.150{col 55}{space 4}-.1178897{col 68}{space 3} .0180464
{txt}{space 11}rd {c |}{col 15}{res}{space 2}  .916349{col 27}{space 2} .2963531{col 38}{space 1}    3.09{col 47}{space 3}0.002{col 55}{space 4} .3351416{col 68}{space 3} 1.497556
{txt}{space 8}_cons {c |}{col 15}{res}{space 2} 2.064072{col 27}{space 2} .1230959{col 38}{space 1}   16.77{col 47}{space 3}0.000{col 55}{space 4} 1.822656{col 68}{space 3} 2.305487
{txt}{hline 14}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       49{col 27}{space 1}        0{col 39}{result}{space 1}       49{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est1{txt} stored)

{com}. eststo: xi: reghdfe gd_wl_diff_365 pr_quint_5 pr_quint_1 gd_wl_pre_365 size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1 ,absorb(indyr)
{res}{txt}(dropped 1 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     5,468
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   5309{txt}){col 67}= {res}    249.27
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4015
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3837
{txt}{col 51}Within R-sq.{col 67}= {res}    0.3790
{txt}{col 51}Root MSE{col 67}= {res}    0.5608

{txt}{hline 14}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_wl_dif~365{col 15}{c |}      Coef.{col 27}   Std. Err.{col 39}      t{col 47}   P>|t|{col 55}     [95% Con{col 68}f. Interval]
{hline 14}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 3}pr_quint_5 {c |}{col 15}{res}{space 2}-.0480559{col 27}{space 2} .0222804{col 38}{space 1}   -2.16{col 47}{space 3}0.031{col 55}{space 4}-.0917347{col 68}{space 3}-.0043772
{txt}{space 3}pr_quint_1 {c |}{col 15}{res}{space 2}  .055103{col 27}{space 2} .0241842{col 38}{space 1}    2.28{col 47}{space 3}0.023{col 55}{space 4}  .007692{col 68}{space 3} .1025141
{txt}gd_wl_pre_365 {c |}{col 15}{res}{space 2}-.7048614{col 27}{space 2} .0124386{col 38}{space 1}  -56.67{col 47}{space 3}0.000{col 55}{space 4}-.7292461{col 68}{space 3}-.6804768
{txt}{space 9}size {c |}{col 15}{res}{space 2} .0361818{col 27}{space 2} .0062384{col 38}{space 1}    5.80{col 47}{space 3}0.000{col 55}{space 4} .0239519{col 68}{space 3} .0484117
{txt}{space 10}mtb {c |}{col 15}{res}{space 2} .0050149{col 27}{space 2} .0051703{col 38}{space 1}    0.97{col 47}{space 3}0.332{col 55}{space 4} -.005121{col 68}{space 3} .0151509
{txt}{space 10}roa {c |}{col 15}{res}{space 2}  .160524{col 27}{space 2} .0848194{col 38}{space 1}    1.89{col 47}{space 3}0.058{col 55}{space 4}-.0057568{col 68}{space 3} .3268049
{txt}{space 11}io {c |}{col 15}{res}{space 2} .0210105{col 27}{space 2} .0207788{col 38}{space 1}    1.01{col 47}{space 3}0.312{col 55}{space 4}-.0197245{col 68}{space 3} .0617455
{txt}{space 9}cash {c |}{col 15}{res}{space 2} .1229162{col 27}{space 2} .0648127{col 38}{space 1}    1.90{col 47}{space 3}0.058{col 55}{space 4}-.0041433{col 68}{space 3} .2499757
{txt}{space 10}lev {c |}{col 15}{res}{space 2}-.0332221{col 27}{space 2} .0339101{col 38}{space 1}   -0.98{col 47}{space 3}0.327{col 55}{space 4}-.0996997{col 68}{space 3} .0332556
{txt}{space 5}salesg_w {c |}{col 15}{res}{space 2} .0345068{col 27}{space 2} .0305068{col 38}{space 1}    1.13{col 47}{space 3}0.258{col 55}{space 4}-.0252991{col 68}{space 3} .0943127
{txt}{space 10}tsr {c |}{col 15}{res}{space 2} .0161836{col 27}{space 2} .0130309{col 38}{space 1}    1.24{col 47}{space 3}0.214{col 55}{space 4}-.0093624{col 68}{space 3} .0417295
{txt}{space 8}union {c |}{col 15}{res}{space 2}-.0371408{col 27}{space 2} .0191245{col 38}{space 1}   -1.94{col 47}{space 3}0.052{col 55}{space 4}-.0746326{col 68}{space 3} .0003511
{txt}{space 11}rd {c |}{col 15}{res}{space 2} .5841928{col 27}{space 2} .1668751{col 38}{space 1}    3.50{col 47}{space 3}0.000{col 55}{space 4} .2570489{col 68}{space 3} .9113366
{txt}{space 8}_cons {c |}{col 15}{res}{space 2} 2.061153{col 27}{space 2} .0696743{col 38}{space 1}   29.58{col 47}{space 3}0.000{col 55}{space 4} 1.924562{col 68}{space 3} 2.197743
{txt}{hline 14}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      146{col 27}{space 1}        0{col 39}{result}{space 1}      146{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est2{txt} stored)

{com}. eststo: xi: reghdfe gd_wl_diff_365 ln_upr ln_epr gd_wl_pre_365 size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1 ,absorb(ffi49)
{res}{txt}(dropped 2 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     1,850
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   1790{txt}){col 67}= {res}     68.80
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.3474
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3259
{txt}{col 51}Within R-sq.{col 67}= {res}    0.3332
{txt}{col 51}Root MSE{col 67}= {res}    0.5938

{txt}{hline 14}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_wl_dif~365{col 15}{c |}      Coef.{col 27}   Std. Err.{col 39}      t{col 47}   P>|t|{col 55}     [95% Con{col 68}f. Interval]
{hline 14}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 7}ln_upr {c |}{col 15}{res}{space 2}-.0296907{col 27}{space 2} .0171055{col 38}{space 1}   -1.74{col 47}{space 3}0.083{col 55}{space 4}-.0632396{col 68}{space 3} .0038583
{txt}{space 7}ln_epr {c |}{col 15}{res}{space 2} .0690733{col 27}{space 2} .0681206{col 38}{space 1}    1.01{col 47}{space 3}0.311{col 55}{space 4} -.064531{col 68}{space 3} .2026777
{txt}gd_wl_pre_365 {c |}{col 15}{res}{space 2}-.6814857{col 27}{space 2} .0230677{col 38}{space 1}  -29.54{col 47}{space 3}0.000{col 55}{space 4}-.7267282{col 68}{space 3}-.6362431
{txt}{space 9}size {c |}{col 15}{res}{space 2}-.0066516{col 27}{space 2}  .027014{col 38}{space 1}   -0.25{col 47}{space 3}0.806{col 55}{space 4}-.0596338{col 68}{space 3} .0463307
{txt}{space 10}mtb {c |}{col 15}{res}{space 2}-.0050996{col 27}{space 2} .0110839{col 38}{space 1}   -0.46{col 47}{space 3}0.646{col 55}{space 4}-.0268383{col 68}{space 3} .0166391
{txt}{space 10}roa {c |}{col 15}{res}{space 2} .0826754{col 27}{space 2} .1552386{col 38}{space 1}    0.53{col 47}{space 3}0.594{col 55}{space 4}-.2217924{col 68}{space 3} .3871433
{txt}{space 11}io {c |}{col 15}{res}{space 2} .0265842{col 27}{space 2} .0678189{col 38}{space 1}    0.39{col 47}{space 3}0.695{col 55}{space 4}-.1064283{col 68}{space 3} .1595968
{txt}{space 9}cash {c |}{col 15}{res}{space 2} .1990746{col 27}{space 2} .1127524{col 38}{space 1}    1.77{col 47}{space 3}0.078{col 55}{space 4}-.0220657{col 68}{space 3} .4202148
{txt}{space 10}lev {c |}{col 15}{res}{space 2}-.1012749{col 27}{space 2} .0659963{col 38}{space 1}   -1.53{col 47}{space 3}0.125{col 55}{space 4}-.2307127{col 68}{space 3}  .028163
{txt}{space 5}salesg_w {c |}{col 15}{res}{space 2}-.0929353{col 27}{space 2} .0520337{col 38}{space 1}   -1.79{col 47}{space 3}0.074{col 55}{space 4}-.1949885{col 68}{space 3} .0091178
{txt}{space 10}tsr {c |}{col 15}{res}{space 2}-.0052791{col 27}{space 2} .0353609{col 38}{space 1}   -0.15{col 47}{space 3}0.881{col 55}{space 4} -.074632{col 68}{space 3} .0640738
{txt}{space 8}union {c |}{col 15}{res}{space 2}-.0460439{col 27}{space 2} .0360401{col 38}{space 1}   -1.28{col 47}{space 3}0.202{col 55}{space 4}-.1167289{col 68}{space 3} .0246411
{txt}{space 11}rd {c |}{col 15}{res}{space 2} .9995521{col 27}{space 2}  .301872{col 38}{space 1}    3.31{col 47}{space 3}0.001{col 55}{space 4} .4074936{col 68}{space 3} 1.591611
{txt}{space 8}_cons {c |}{col 15}{res}{space 2} 1.984604{col 27}{space 2} .1514409{col 38}{space 1}   13.10{col 47}{space 3}0.000{col 55}{space 4} 1.687585{col 68}{space 3} 2.281624
{txt}{hline 14}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       47{col 27}{space 1}        0{col 39}{result}{space 1}       47{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est3{txt} stored)

{com}. eststo: xi: reghdfe gd_wl_diff_365 ln_upr ln_epr gd_wl_pre_365 size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1 ,absorb(indyr)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     5,186
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   5027{txt}){col 67}= {res}    240.51
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4073
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3887
{txt}{col 51}Within R-sq.{col 67}= {res}    0.3835
{txt}{col 51}Root MSE{col 67}= {res}    0.5569

{txt}{hline 14}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_wl_dif~365{col 15}{c |}      Coef.{col 27}   Std. Err.{col 39}      t{col 47}   P>|t|{col 55}     [95% Con{col 68}f. Interval]
{hline 14}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 7}ln_upr {c |}{col 15}{res}{space 2}-.0293348{col 27}{space 2}   .00993{col 38}{space 1}   -2.95{col 47}{space 3}0.003{col 55}{space 4}-.0488019{col 68}{space 3}-.0098678
{txt}{space 7}ln_epr {c |}{col 15}{res}{space 2}-.0964193{col 27}{space 2} .0378405{col 38}{space 1}   -2.55{col 47}{space 3}0.011{col 55}{space 4}-.1706031{col 68}{space 3}-.0222354
{txt}gd_wl_pre_365 {c |}{col 15}{res}{space 2} -.709115{col 27}{space 2} .0127327{col 38}{space 1}  -55.69{col 47}{space 3}0.000{col 55}{space 4}-.7340767{col 68}{space 3}-.6841533
{txt}{space 9}size {c |}{col 15}{res}{space 2} .0608441{col 27}{space 2} .0149313{col 38}{space 1}    4.07{col 47}{space 3}0.000{col 55}{space 4} .0315723{col 68}{space 3} .0901158
{txt}{space 10}mtb {c |}{col 15}{res}{space 2} .0067946{col 27}{space 2} .0052931{col 38}{space 1}    1.28{col 47}{space 3}0.199{col 55}{space 4}-.0035821{col 68}{space 3} .0171714
{txt}{space 10}roa {c |}{col 15}{res}{space 2} .1859847{col 27}{space 2}   .08833{col 38}{space 1}    2.11{col 47}{space 3}0.035{col 55}{space 4} .0128194{col 68}{space 3}   .35915
{txt}{space 11}io {c |}{col 15}{res}{space 2}  .022729{col 27}{space 2} .0208802{col 38}{space 1}    1.09{col 47}{space 3}0.276{col 55}{space 4}-.0182052{col 68}{space 3} .0636632
{txt}{space 9}cash {c |}{col 15}{res}{space 2} .0914561{col 27}{space 2}  .066894{col 38}{space 1}    1.37{col 47}{space 3}0.172{col 55}{space 4}-.0396854{col 68}{space 3} .2225976
{txt}{space 10}lev {c |}{col 15}{res}{space 2}-.0301262{col 27}{space 2} .0346172{col 38}{space 1}   -0.87{col 47}{space 3}0.384{col 55}{space 4}-.0979909{col 68}{space 3} .0377385
{txt}{space 5}salesg_w {c |}{col 15}{res}{space 2} .0210726{col 27}{space 2} .0319558{col 38}{space 1}    0.66{col 47}{space 3}0.510{col 55}{space 4}-.0415747{col 68}{space 3} .0837199
{txt}{space 10}tsr {c |}{col 15}{res}{space 2} .0149911{col 27}{space 2} .0130593{col 38}{space 1}    1.15{col 47}{space 3}0.251{col 55}{space 4}-.0106108{col 68}{space 3}  .040593
{txt}{space 8}union {c |}{col 15}{res}{space 2}-.0315942{col 27}{space 2} .0196711{col 38}{space 1}   -1.61{col 47}{space 3}0.108{col 55}{space 4}-.0701581{col 68}{space 3} .0069696
{txt}{space 11}rd {c |}{col 15}{res}{space 2} .6641336{col 27}{space 2} .1739019{col 38}{space 1}    3.82{col 47}{space 3}0.000{col 55}{space 4} .3232099{col 68}{space 3} 1.005057
{txt}{space 8}_cons {c |}{col 15}{res}{space 2} 2.289717{col 27}{space 2} .0839558{col 38}{space 1}   27.27{col 47}{space 3}0.000{col 55}{space 4} 2.125127{col 68}{space 3} 2.454307
{txt}{hline 14}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      146{col 27}{space 1}        0{col 39}{result}{space 1}      146{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est4{txt} stored)

{com}. esttab using "Output/Tables/RF/TC2_employee_worklife_diff.csv", b(3) ar2 varwidth(25) title("Work Life Balance Rating")  order(pr_quint_5 pr_quint_1 ln_upr ln_epr gd_wl_pre_365 size mtb roa io cash lev salesg_w tsr union rd) star(* 0.10 ** 0.05  *** 0.01 ) drop(_cons) replace
{res}{txt}(output written to {browse  `"Output/Tables/RF/TC2_employee_worklife_diff.csv"'})

{com}. 
. ****************************
. *Change in Culture
. ****************************
. est clear
{txt}
{com}. eststo: xi: reghdfe gd_cult_diff_365 pr_quint_5 pr_quint_1 gd_cult_pre_365 size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1 ,absorb(ffi49)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     1,982
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   1920{txt}){col 67}= {res}     63.48
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.3202
{txt}{col 51}Adj R-squared{col 67}= {res}    0.2986
{txt}{col 51}Within R-sq.{col 67}= {res}    0.3006
{txt}{col 51}Root MSE{col 67}= {res}    0.6556

{txt}{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_cult_dif~365{col 17}{c |}      Coef.{col 29}   Std. Err.{col 41}      t{col 49}   P>|t|{col 57}     [95% Con{col 70}f. Interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 5}pr_quint_5 {c |}{col 17}{res}{space 2}-.0500944{col 29}{space 2} .0433239{col 40}{space 1}   -1.16{col 49}{space 3}0.248{col 57}{space 4}-.1350613{col 70}{space 3} .0348724
{txt}{space 5}pr_quint_1 {c |}{col 17}{res}{space 2} .0829775{col 29}{space 2} .0497958{col 40}{space 1}    1.67{col 49}{space 3}0.096{col 57}{space 4}-.0146821{col 70}{space 3} .1806371
{txt}gd_cult_pre_365 {c |}{col 17}{res}{space 2}-.6126656{col 29}{space 2} .0215882{col 40}{space 1}  -28.38{col 49}{space 3}0.000{col 57}{space 4}-.6550044{col 70}{space 3}-.5703269
{txt}{space 11}size {c |}{col 17}{res}{space 2} .0368341{col 29}{space 2} .0119225{col 40}{space 1}    3.09{col 49}{space 3}0.002{col 57}{space 4} .0134516{col 70}{space 3} .0602165
{txt}{space 12}mtb {c |}{col 17}{res}{space 2} .0049432{col 29}{space 2} .0120981{col 40}{space 1}    0.41{col 49}{space 3}0.683{col 57}{space 4}-.0187836{col 70}{space 3}   .02867
{txt}{space 12}roa {c |}{col 17}{res}{space 2} .1872202{col 29}{space 2} .1669564{col 40}{space 1}    1.12{col 49}{space 3}0.262{col 57}{space 4}-.1402149{col 70}{space 3} .5146552
{txt}{space 13}io {c |}{col 17}{res}{space 2} .0309542{col 29}{space 2} .0693921{col 40}{space 1}    0.45{col 49}{space 3}0.656{col 57}{space 4}-.1051375{col 70}{space 3}  .167046
{txt}{space 11}cash {c |}{col 17}{res}{space 2}  .117646{col 29}{space 2} .1197753{col 40}{space 1}    0.98{col 49}{space 3}0.326{col 57}{space 4}-.1172575{col 70}{space 3} .3525494
{txt}{space 12}lev {c |}{col 17}{res}{space 2}-.0918332{col 29}{space 2} .0710095{col 40}{space 1}   -1.29{col 49}{space 3}0.196{col 57}{space 4} -.231097{col 70}{space 3} .0474307
{txt}{space 7}salesg_w {c |}{col 17}{res}{space 2} .0484236{col 29}{space 2} .0539998{col 40}{space 1}    0.90{col 49}{space 3}0.370{col 57}{space 4}-.0574809{col 70}{space 3}  .154328
{txt}{space 12}tsr {c |}{col 17}{res}{space 2} .0372529{col 29}{space 2} .0382848{col 40}{space 1}    0.97{col 49}{space 3}0.331{col 57}{space 4}-.0378313{col 70}{space 3}  .112337
{txt}{space 10}union {c |}{col 17}{res}{space 2}-.0210979{col 29}{space 2} .0381997{col 40}{space 1}   -0.55{col 49}{space 3}0.581{col 57}{space 4}-.0960151{col 70}{space 3} .0538194
{txt}{space 13}rd {c |}{col 17}{res}{space 2} .6158929{col 29}{space 2} .3286573{col 40}{space 1}    1.87{col 49}{space 3}0.061{col 57}{space 4}-.0286698{col 70}{space 3} 1.260456
{txt}{space 10}_cons {c |}{col 17}{res}{space 2}  1.64819{col 29}{space 2} .1268815{col 40}{space 1}   12.99{col 49}{space 3}0.000{col 57}{space 4}  1.39935{col 70}{space 3} 1.897031
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       49{col 27}{space 1}        0{col 39}{result}{space 1}       49{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est1{txt} stored)

{com}. eststo: xi: reghdfe gd_cult_diff_365 pr_quint_5 pr_quint_1 gd_cult_pre_365 size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1 ,absorb(indyr)
{res}{txt}(dropped 1 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     5,467
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   5308{txt}){col 67}= {res}    246.97
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4059
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3882
{txt}{col 51}Within R-sq.{col 67}= {res}    0.3769
{txt}{col 51}Root MSE{col 67}= {res}    0.6154

{txt}{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_cult_dif~365{col 17}{c |}      Coef.{col 29}   Std. Err.{col 41}      t{col 49}   P>|t|{col 57}     [95% Con{col 70}f. Interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 5}pr_quint_5 {c |}{col 17}{res}{space 2}-.0269058{col 29}{space 2} .0244429{col 40}{space 1}   -1.10{col 49}{space 3}0.271{col 57}{space 4} -.074824{col 70}{space 3} .0210124
{txt}{space 5}pr_quint_1 {c |}{col 17}{res}{space 2}  .059708{col 29}{space 2} .0265638{col 40}{space 1}    2.25{col 49}{space 3}0.025{col 57}{space 4}  .007632{col 70}{space 3}  .111784
{txt}gd_cult_pre_365 {c |}{col 17}{res}{space 2}-.6942636{col 29}{space 2} .0123025{col 40}{space 1}  -56.43{col 49}{space 3}0.000{col 57}{space 4}-.7183817{col 70}{space 3}-.6701456
{txt}{space 11}size {c |}{col 17}{res}{space 2} .0601855{col 29}{space 2} .0068936{col 40}{space 1}    8.73{col 49}{space 3}0.000{col 57}{space 4} .0466711{col 70}{space 3} .0736998
{txt}{space 12}mtb {c |}{col 17}{res}{space 2} .0166277{col 29}{space 2} .0056865{col 40}{space 1}    2.92{col 49}{space 3}0.003{col 57}{space 4} .0054798{col 70}{space 3} .0277755
{txt}{space 12}roa {c |}{col 17}{res}{space 2} .2319759{col 29}{space 2} .0930657{col 40}{space 1}    2.49{col 49}{space 3}0.013{col 57}{space 4} .0495289{col 70}{space 3}  .414423
{txt}{space 13}io {c |}{col 17}{res}{space 2} .0212294{col 29}{space 2} .0227985{col 40}{space 1}    0.93{col 49}{space 3}0.352{col 57}{space 4}-.0234651{col 70}{space 3} .0659239
{txt}{space 11}cash {c |}{col 17}{res}{space 2} .1153209{col 29}{space 2} .0709426{col 40}{space 1}    1.63{col 49}{space 3}0.104{col 57}{space 4}-.0237558{col 70}{space 3} .2543976
{txt}{space 12}lev {c |}{col 17}{res}{space 2}-.0850239{col 29}{space 2} .0372567{col 40}{space 1}   -2.28{col 49}{space 3}0.023{col 57}{space 4}-.1580623{col 70}{space 3}-.0119855
{txt}{space 7}salesg_w {c |}{col 17}{res}{space 2} .0969489{col 29}{space 2} .0334559{col 40}{space 1}    2.90{col 49}{space 3}0.004{col 57}{space 4} .0313617{col 70}{space 3} .1625362
{txt}{space 12}tsr {c |}{col 17}{res}{space 2} .0297621{col 29}{space 2} .0143038{col 40}{space 1}    2.08{col 49}{space 3}0.038{col 57}{space 4} .0017208{col 70}{space 3} .0578035
{txt}{space 10}union {c |}{col 17}{res}{space 2}-.0450927{col 29}{space 2} .0210022{col 40}{space 1}   -2.15{col 49}{space 3}0.032{col 57}{space 4}-.0862656{col 70}{space 3}-.0039198
{txt}{space 13}rd {c |}{col 17}{res}{space 2} .8663871{col 29}{space 2} .1829632{col 40}{space 1}    4.74{col 49}{space 3}0.000{col 57}{space 4} .5077041{col 70}{space 3}  1.22507
{txt}{space 10}_cons {c |}{col 17}{res}{space 2} 1.821265{col 29}{space 2} .0721229{col 40}{space 1}   25.25{col 49}{space 3}0.000{col 57}{space 4} 1.679874{col 70}{space 3} 1.962655
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      146{col 27}{space 1}        0{col 39}{result}{space 1}      146{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est2{txt} stored)

{com}. eststo: xi: reghdfe gd_cult_diff_365 ln_upr ln_epr gd_cult_pre_365 size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1 ,absorb(ffi49)
{res}{txt}(dropped 2 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     1,848
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   1788{txt}){col 67}= {res}     60.15
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.3210
{txt}{col 51}Adj R-squared{col 67}= {res}    0.2986
{txt}{col 51}Within R-sq.{col 67}= {res}    0.3043
{txt}{col 51}Root MSE{col 67}= {res}    0.6492

{txt}{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_cult_dif~365{col 17}{c |}      Coef.{col 29}   Std. Err.{col 41}      t{col 49}   P>|t|{col 57}     [95% Con{col 70}f. Interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 9}ln_upr {c |}{col 17}{res}{space 2}-.0406399{col 29}{space 2} .0187513{col 40}{space 1}   -2.17{col 49}{space 3}0.030{col 57}{space 4}-.0774168{col 70}{space 3}-.0038631
{txt}{space 9}ln_epr {c |}{col 17}{res}{space 2}  .093141{col 29}{space 2}  .074493{col 40}{space 1}    1.25{col 49}{space 3}0.211{col 57}{space 4}-.0529615{col 70}{space 3} .2392436
{txt}gd_cult_pre_365 {c |}{col 17}{res}{space 2}-.6120222{col 29}{space 2} .0221079{col 40}{space 1}  -27.68{col 49}{space 3}0.000{col 57}{space 4}-.6553821{col 70}{space 3}-.5686622
{txt}{space 11}size {c |}{col 17}{res}{space 2} -.004167{col 29}{space 2}  .029545{col 40}{space 1}   -0.14{col 49}{space 3}0.888{col 57}{space 4}-.0621134{col 70}{space 3} .0537793
{txt}{space 12}mtb {c |}{col 17}{res}{space 2} .0047054{col 29}{space 2} .0122087{col 40}{space 1}    0.39{col 49}{space 3}0.700{col 57}{space 4}-.0192395{col 70}{space 3} .0286503
{txt}{space 12}roa {c |}{col 17}{res}{space 2} .1435219{col 29}{space 2} .1708341{col 40}{space 1}    0.84{col 49}{space 3}0.401{col 57}{space 4}-.1915335{col 70}{space 3} .4785774
{txt}{space 13}io {c |}{col 17}{res}{space 2} .1042217{col 29}{space 2} .0743291{col 40}{space 1}    1.40{col 49}{space 3}0.161{col 57}{space 4}-.0415594{col 70}{space 3} .2500028
{txt}{space 11}cash {c |}{col 17}{res}{space 2} .1525729{col 29}{space 2} .1232786{col 40}{space 1}    1.24{col 49}{space 3}0.216{col 57}{space 4}-.0892125{col 70}{space 3} .3943583
{txt}{space 12}lev {c |}{col 17}{res}{space 2}-.1062853{col 29}{space 2} .0723538{col 40}{space 1}   -1.47{col 49}{space 3}0.142{col 57}{space 4}-.2481922{col 70}{space 3} .0356216
{txt}{space 7}salesg_w {c |}{col 17}{res}{space 2} .0287973{col 29}{space 2} .0569241{col 40}{space 1}    0.51{col 49}{space 3}0.613{col 57}{space 4}-.0828475{col 70}{space 3} .1404421
{txt}{space 12}tsr {c |}{col 17}{res}{space 2} .0425016{col 29}{space 2} .0387052{col 40}{space 1}    1.10{col 49}{space 3}0.272{col 57}{space 4}-.0334107{col 70}{space 3} .1184138
{txt}{space 10}union {c |}{col 17}{res}{space 2} -.017573{col 29}{space 2} .0394297{col 40}{space 1}   -0.45{col 49}{space 3}0.656{col 57}{space 4} -.094906{col 70}{space 3} .0597601
{txt}{space 13}rd {c |}{col 17}{res}{space 2} .7569717{col 29}{space 2} .3323698{col 40}{space 1}    2.28{col 49}{space 3}0.023{col 57}{space 4} .1050977{col 70}{space 3} 1.408846
{txt}{space 10}_cons {c |}{col 17}{res}{space 2} 1.498106{col 29}{space 2} .1579153{col 40}{space 1}    9.49{col 49}{space 3}0.000{col 57}{space 4} 1.188388{col 70}{space 3} 1.807824
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       47{col 27}{space 1}        0{col 39}{result}{space 1}       47{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est3{txt} stored)

{com}. eststo: xi: reghdfe gd_cult_diff_365 ln_upr ln_epr gd_cult_pre_365 size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1 ,absorb(indyr)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     5,184
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   5025{txt}){col 67}= {res}    234.44
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4056
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3870
{txt}{col 51}Within R-sq.{col 67}= {res}    0.3775
{txt}{col 51}Root MSE{col 67}= {res}    0.6155

{txt}{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_cult_dif~365{col 17}{c |}      Coef.{col 29}   Std. Err.{col 41}      t{col 49}   P>|t|{col 57}     [95% Con{col 70}f. Interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 9}ln_upr {c |}{col 17}{res}{space 2}-.0287878{col 29}{space 2} .0109715{col 40}{space 1}   -2.62{col 49}{space 3}0.009{col 57}{space 4}-.0502968{col 70}{space 3}-.0072788
{txt}{space 9}ln_epr {c |}{col 17}{res}{space 2}-.0755239{col 29}{space 2} .0421045{col 40}{space 1}   -1.79{col 49}{space 3}0.073{col 57}{space 4} -.158067{col 70}{space 3} .0070192
{txt}gd_cult_pre_365 {c |}{col 17}{res}{space 2}-.6974058{col 29}{space 2} .0126923{col 40}{space 1}  -54.95{col 49}{space 3}0.000{col 57}{space 4}-.7222881{col 70}{space 3}-.6725234
{txt}{space 11}size {c |}{col 17}{res}{space 2} .0792318{col 29}{space 2} .0166039{col 40}{space 1}    4.77{col 49}{space 3}0.000{col 57}{space 4} .0466809{col 70}{space 3} .1117826
{txt}{space 12}mtb {c |}{col 17}{res}{space 2} .0178745{col 29}{space 2} .0058679{col 40}{space 1}    3.05{col 49}{space 3}0.002{col 57}{space 4} .0063708{col 70}{space 3} .0293781
{txt}{space 12}roa {c |}{col 17}{res}{space 2} .2474838{col 29}{space 2} .0976207{col 40}{space 1}    2.54{col 49}{space 3}0.011{col 57}{space 4} .0561046{col 70}{space 3} .4388629
{txt}{space 13}io {c |}{col 17}{res}{space 2} .0295073{col 29}{space 2}  .023073{col 40}{space 1}    1.28{col 49}{space 3}0.201{col 57}{space 4}-.0157257{col 70}{space 3} .0747404
{txt}{space 11}cash {c |}{col 17}{res}{space 2} .1071442{col 29}{space 2} .0737535{col 40}{space 1}    1.45{col 49}{space 3}0.146{col 57}{space 4}-.0374447{col 70}{space 3} .2517332
{txt}{space 12}lev {c |}{col 17}{res}{space 2}-.0884522{col 29}{space 2} .0383071{col 40}{space 1}   -2.31{col 49}{space 3}0.021{col 57}{space 4}-.1635508{col 70}{space 3}-.0133536
{txt}{space 7}salesg_w {c |}{col 17}{res}{space 2} .0854062{col 29}{space 2}  .035304{col 40}{space 1}    2.42{col 49}{space 3}0.016{col 57}{space 4} .0161949{col 70}{space 3} .1546174
{txt}{space 12}tsr {c |}{col 17}{res}{space 2} .0304608{col 29}{space 2} .0144359{col 40}{space 1}    2.11{col 49}{space 3}0.035{col 57}{space 4} .0021602{col 70}{space 3} .0587615
{txt}{space 10}union {c |}{col 17}{res}{space 2} -.037818{col 29}{space 2}   .02177{col 40}{space 1}   -1.74{col 49}{space 3}0.082{col 57}{space 4}-.0804966{col 70}{space 3} .0048607
{txt}{space 13}rd {c |}{col 17}{res}{space 2} .9320189{col 29}{space 2}   .19204{col 40}{space 1}    4.85{col 49}{space 3}0.000{col 57}{space 4} .5555367{col 70}{space 3} 1.308501
{txt}{space 10}_cons {c |}{col 17}{res}{space 2} 2.000913{col 29}{space 2} .0887429{col 40}{space 1}   22.55{col 49}{space 3}0.000{col 57}{space 4} 1.826938{col 70}{space 3} 2.174888
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      146{col 27}{space 1}        0{col 39}{result}{space 1}      146{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est4{txt} stored)

{com}. esttab using "Output/Tables/RF/TC2_employee_culture_diff.csv", b(3) ar2 varwidth(25) title("Culture Rating")  order(pr_quint_5 pr_quint_1 ln_upr ln_epr gd_cult_pre_365 size mtb roa io cash lev salesg_w tsr union rd) star(* 0.10 ** 0.05  *** 0.01 ) drop(_cons) replace
{res}{txt}(output written to {browse  `"Output/Tables/RF/TC2_employee_culture_diff.csv"'})

{com}. 
. ****************************
. *Change in Opportunities
. ****************************
. est clear
{txt}
{com}. eststo: xi: reghdfe gd_opp_diff_365 pr_quint_5 pr_quint_1 gd_opp_pre_365 size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1 ,absorb(ffi49)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     1,982
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   1920{txt}){col 67}= {res}     75.75
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.3525
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3319
{txt}{col 51}Within R-sq.{col 67}= {res}    0.3390
{txt}{col 51}Root MSE{col 67}= {res}    0.5901

{txt}{hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_opp_dif~365{col 16}{c |}      Coef.{col 28}   Std. Err.{col 40}      t{col 48}   P>|t|{col 56}     [95% Con{col 69}f. Interval]
{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}pr_quint_5 {c |}{col 16}{res}{space 2}-.0341286{col 28}{space 2} .0389775{col 39}{space 1}   -0.88{col 48}{space 3}0.381{col 56}{space 4}-.1105712{col 69}{space 3} .0423141
{txt}{space 4}pr_quint_1 {c |}{col 16}{res}{space 2} .0435765{col 28}{space 2} .0447492{col 39}{space 1}    0.97{col 48}{space 3}0.330{col 56}{space 4}-.0441856{col 69}{space 3} .1313386
{txt}gd_opp_pre_365 {c |}{col 16}{res}{space 2}-.6969798{col 28}{space 2} .0223482{col 39}{space 1}  -31.19{col 48}{space 3}0.000{col 56}{space 4} -.740809{col 69}{space 3}-.6531505
{txt}{space 10}size {c |}{col 16}{res}{space 2} .0540864{col 28}{space 2} .0107305{col 39}{space 1}    5.04{col 48}{space 3}0.000{col 56}{space 4} .0330417{col 69}{space 3} .0751311
{txt}{space 11}mtb {c |}{col 16}{res}{space 2} .0153867{col 28}{space 2} .0108337{col 39}{space 1}    1.42{col 48}{space 3}0.156{col 56}{space 4}-.0058604{col 69}{space 3} .0366339
{txt}{space 11}roa {c |}{col 16}{res}{space 2} .1364331{col 28}{space 2} .1452689{col 39}{space 1}    0.94{col 48}{space 3}0.348{col 56}{space 4}-.1484683{col 69}{space 3} .4213345
{txt}{space 12}io {c |}{col 16}{res}{space 2}-.0002902{col 28}{space 2} .0623112{col 39}{space 1}   -0.00{col 48}{space 3}0.996{col 56}{space 4}-.1224949{col 69}{space 3} .1219145
{txt}{space 10}cash {c |}{col 16}{res}{space 2} .1828634{col 28}{space 2} .1078393{col 39}{space 1}    1.70{col 48}{space 3}0.090{col 56}{space 4} -.028631{col 69}{space 3} .3943579
{txt}{space 11}lev {c |}{col 16}{res}{space 2}-.1285439{col 28}{space 2} .0638648{col 39}{space 1}   -2.01{col 48}{space 3}0.044{col 56}{space 4}-.2537956{col 69}{space 3}-.0032922
{txt}{space 6}salesg_w {c |}{col 16}{res}{space 2} .0077821{col 28}{space 2} .0486908{col 39}{space 1}    0.16{col 48}{space 3}0.873{col 56}{space 4}-.0877104{col 69}{space 3} .1032745
{txt}{space 11}tsr {c |}{col 16}{res}{space 2} .0898962{col 28}{space 2} .0344172{col 39}{space 1}    2.61{col 48}{space 3}0.009{col 56}{space 4} .0223971{col 69}{space 3} .1573953
{txt}{space 9}union {c |}{col 16}{res}{space 2}-.0399372{col 28}{space 2} .0344021{col 39}{space 1}   -1.16{col 48}{space 3}0.246{col 56}{space 4}-.1074066{col 69}{space 3} .0275322
{txt}{space 12}rd {c |}{col 16}{res}{space 2} .6266511{col 28}{space 2} .2926997{col 39}{space 1}    2.14{col 48}{space 3}0.032{col 56}{space 4} .0526084{col 69}{space 3} 1.200694
{txt}{space 9}_cons {c |}{col 16}{res}{space 2} 1.683058{col 28}{space 2} .1151131{col 39}{space 1}   14.62{col 48}{space 3}0.000{col 56}{space 4} 1.457298{col 69}{space 3} 1.908818
{txt}{hline 15}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       49{col 27}{space 1}        0{col 39}{result}{space 1}       49{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est1{txt} stored)

{com}. eststo: xi: reghdfe gd_opp_diff_365 pr_quint_5 pr_quint_1 gd_opp_pre_365 size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1 ,absorb(indyr)
{res}{txt}(dropped 1 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     5,475
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   5316{txt}){col 67}= {res}    316.07
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4565
{txt}{col 51}Adj R-squared{col 67}= {res}    0.4404
{txt}{col 51}Within R-sq.{col 67}= {res}    0.4360
{txt}{col 51}Root MSE{col 67}= {res}    0.5648

{txt}{hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_opp_dif~365{col 16}{c |}      Coef.{col 28}   Std. Err.{col 40}      t{col 48}   P>|t|{col 56}     [95% Con{col 69}f. Interval]
{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}pr_quint_5 {c |}{col 16}{res}{space 2}-.0338475{col 28}{space 2} .0224258{col 39}{space 1}   -1.51{col 48}{space 3}0.131{col 56}{space 4}-.0778114{col 69}{space 3} .0101163
{txt}{space 4}pr_quint_1 {c |}{col 16}{res}{space 2} .0340386{col 28}{space 2} .0243545{col 39}{space 1}    1.40{col 48}{space 3}0.162{col 56}{space 4}-.0137062{col 69}{space 3} .0817834
{txt}gd_opp_pre_365 {c |}{col 16}{res}{space 2}-.7953362{col 28}{space 2} .0124439{col 39}{space 1}  -63.91{col 48}{space 3}0.000{col 56}{space 4}-.8197314{col 69}{space 3} -.770941
{txt}{space 10}size {c |}{col 16}{res}{space 2} .0686709{col 28}{space 2} .0063422{col 39}{space 1}   10.83{col 48}{space 3}0.000{col 56}{space 4} .0562376{col 69}{space 3} .0811042
{txt}{space 11}mtb {c |}{col 16}{res}{space 2} .0225093{col 28}{space 2} .0052107{col 39}{space 1}    4.32{col 48}{space 3}0.000{col 56}{space 4} .0122942{col 69}{space 3} .0327243
{txt}{space 11}roa {c |}{col 16}{res}{space 2} .1758457{col 28}{space 2} .0838229{col 39}{space 1}    2.10{col 48}{space 3}0.036{col 56}{space 4} .0115185{col 69}{space 3}  .340173
{txt}{space 12}io {c |}{col 16}{res}{space 2}-.0210697{col 28}{space 2} .0209116{col 39}{space 1}   -1.01{col 48}{space 3}0.314{col 56}{space 4}-.0620651{col 69}{space 3} .0199257
{txt}{space 10}cash {c |}{col 16}{res}{space 2} .1853611{col 28}{space 2} .0652152{col 39}{space 1}    2.84{col 48}{space 3}0.004{col 56}{space 4} .0575125{col 69}{space 3} .3132096
{txt}{space 11}lev {c |}{col 16}{res}{space 2}-.0868872{col 28}{space 2} .0342313{col 39}{space 1}   -2.54{col 48}{space 3}0.011{col 56}{space 4}-.1539946{col 69}{space 3}-.0197799
{txt}{space 6}salesg_w {c |}{col 16}{res}{space 2} .1026432{col 28}{space 2} .0307034{col 39}{space 1}    3.34{col 48}{space 3}0.001{col 56}{space 4} .0424518{col 69}{space 3} .1628345
{txt}{space 11}tsr {c |}{col 16}{res}{space 2} .0360617{col 28}{space 2} .0131226{col 39}{space 1}    2.75{col 48}{space 3}0.006{col 56}{space 4} .0103359{col 69}{space 3} .0617875
{txt}{space 9}union {c |}{col 16}{res}{space 2}-.0109082{col 28}{space 2} .0192344{col 39}{space 1}   -0.57{col 48}{space 3}0.571{col 56}{space 4}-.0486156{col 69}{space 3} .0267991
{txt}{space 12}rd {c |}{col 16}{res}{space 2}  .525785{col 28}{space 2} .1673802{col 39}{space 1}    3.14{col 48}{space 3}0.002{col 56}{space 4} .1976511{col 69}{space 3} .8539188
{txt}{space 9}_cons {c |}{col 16}{res}{space 2} 2.001472{col 28}{space 2} .0663438{col 39}{space 1}   30.17{col 48}{space 3}0.000{col 56}{space 4} 1.871411{col 69}{space 3} 2.131533
{txt}{hline 15}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      146{col 27}{space 1}        0{col 39}{result}{space 1}      146{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est2{txt} stored)

{com}. eststo: xi: reghdfe gd_opp_diff_365 ln_upr ln_epr gd_opp_pre_365 size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1 ,absorb(ffi49)
{res}{txt}(dropped 2 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     1,848
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   1788{txt}){col 67}= {res}     72.29
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.3567
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3355
{txt}{col 51}Within R-sq.{col 67}= {res}    0.3445
{txt}{col 51}Root MSE{col 67}= {res}    0.5890

{txt}{hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_opp_dif~365{col 16}{c |}      Coef.{col 28}   Std. Err.{col 40}      t{col 48}   P>|t|{col 56}     [95% Con{col 69}f. Interval]
{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 8}ln_upr {c |}{col 16}{res}{space 2}-.0476639{col 28}{space 2} .0169752{col 39}{space 1}   -2.81{col 48}{space 3}0.005{col 56}{space 4}-.0809572{col 69}{space 3}-.0143707
{txt}{space 8}ln_epr {c |}{col 16}{res}{space 2} .1081635{col 28}{space 2} .0674958{col 39}{space 1}    1.60{col 48}{space 3}0.109{col 56}{space 4}-.0242154{col 69}{space 3} .2405424
{txt}gd_opp_pre_365 {c |}{col 16}{res}{space 2}-.6973105{col 28}{space 2} .0230907{col 39}{space 1}  -30.20{col 48}{space 3}0.000{col 56}{space 4}-.7425981{col 69}{space 3}-.6520229
{txt}{space 10}size {c |}{col 16}{res}{space 2} .0057585{col 28}{space 2}  .026886{col 39}{space 1}    0.21{col 48}{space 3}0.830{col 56}{space 4}-.0469727{col 69}{space 3} .0584897
{txt}{space 11}mtb {c |}{col 16}{res}{space 2} .0133567{col 28}{space 2} .0110198{col 39}{space 1}    1.21{col 48}{space 3}0.226{col 56}{space 4}-.0082563{col 69}{space 3} .0349698
{txt}{space 11}roa {c |}{col 16}{res}{space 2}  .124619{col 28}{space 2} .1496276{col 39}{space 1}    0.83{col 48}{space 3}0.405{col 56}{space 4}-.1688444{col 69}{space 3} .4180825
{txt}{space 12}io {c |}{col 16}{res}{space 2}  .069253{col 28}{space 2} .0672077{col 39}{space 1}    1.03{col 48}{space 3}0.303{col 56}{space 4} -.062561{col 69}{space 3} .2010669
{txt}{space 10}cash {c |}{col 16}{res}{space 2} .2339503{col 28}{space 2} .1117778{col 39}{space 1}    2.09{col 48}{space 3}0.036{col 56}{space 4} .0147215{col 69}{space 3} .4531791
{txt}{space 11}lev {c |}{col 16}{res}{space 2}-.1526341{col 28}{space 2} .0655544{col 39}{space 1}   -2.33{col 48}{space 3}0.020{col 56}{space 4}-.2812055{col 69}{space 3}-.0240628
{txt}{space 6}salesg_w {c |}{col 16}{res}{space 2} .0038631{col 28}{space 2} .0517394{col 39}{space 1}    0.07{col 48}{space 3}0.940{col 56}{space 4}-.0976131{col 69}{space 3} .1053392
{txt}{space 11}tsr {c |}{col 16}{res}{space 2} .0906763{col 28}{space 2} .0350646{col 39}{space 1}    2.59{col 48}{space 3}0.010{col 56}{space 4} .0219045{col 69}{space 3} .1594481
{txt}{space 9}union {c |}{col 16}{res}{space 2}-.0301817{col 28}{space 2} .0357735{col 39}{space 1}   -0.84{col 48}{space 3}0.399{col 56}{space 4}-.1003441{col 69}{space 3} .0399806
{txt}{space 12}rd {c |}{col 16}{res}{space 2} .7711741{col 28}{space 2} .2980856{col 39}{space 1}    2.59{col 48}{space 3}0.010{col 56}{space 4} .1865413{col 69}{space 3} 1.355807
{txt}{space 9}_cons {c |}{col 16}{res}{space 2}  1.53424{col 28}{space 2} .1468109{col 39}{space 1}   10.45{col 48}{space 3}0.000{col 56}{space 4} 1.246301{col 69}{space 3} 1.822179
{txt}{hline 15}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       47{col 27}{space 1}        0{col 39}{result}{space 1}       47{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est3{txt} stored)

{com}. eststo: xi: reghdfe gd_opp_diff_365 ln_upr ln_epr gd_opp_pre_365 size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1 ,absorb(indyr)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     5,192
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   5033{txt}){col 67}= {res}    297.63
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4558
{txt}{col 51}Adj R-squared{col 67}= {res}    0.4387
{txt}{col 51}Within R-sq.{col 67}= {res}    0.4346
{txt}{col 51}Root MSE{col 67}= {res}    0.5625

{txt}{hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_opp_dif~365{col 16}{c |}      Coef.{col 28}   Std. Err.{col 40}      t{col 48}   P>|t|{col 56}     [95% Con{col 69}f. Interval]
{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 8}ln_upr {c |}{col 16}{res}{space 2}-.0200469{col 28}{space 2} .0100281{col 39}{space 1}   -2.00{col 48}{space 3}0.046{col 56}{space 4}-.0397064{col 69}{space 3}-.0003874
{txt}{space 8}ln_epr {c |}{col 16}{res}{space 2}-.0835229{col 28}{space 2} .0381619{col 39}{space 1}   -2.19{col 48}{space 3}0.029{col 56}{space 4}-.1583369{col 69}{space 3}-.0087088
{txt}gd_opp_pre_365 {c |}{col 16}{res}{space 2}-.7924591{col 28}{space 2} .0128015{col 39}{space 1}  -61.90{col 48}{space 3}0.000{col 56}{space 4}-.8175556{col 69}{space 3}-.7673626
{txt}{space 10}size {c |}{col 16}{res}{space 2} .0921973{col 28}{space 2} .0150737{col 39}{space 1}    6.12{col 48}{space 3}0.000{col 56}{space 4} .0626463{col 69}{space 3} .1217483
{txt}{space 11}mtb {c |}{col 16}{res}{space 2} .0244648{col 28}{space 2}  .005354{col 39}{space 1}    4.57{col 48}{space 3}0.000{col 56}{space 4} .0139685{col 69}{space 3}  .034961
{txt}{space 11}roa {c |}{col 16}{res}{space 2} .1799116{col 28}{space 2} .0873819{col 39}{space 1}    2.06{col 48}{space 3}0.040{col 56}{space 4}  .008605{col 69}{space 3} .3512181
{txt}{space 12}io {c |}{col 16}{res}{space 2}-.0151297{col 28}{space 2} .0210758{col 39}{space 1}   -0.72{col 48}{space 3}0.473{col 56}{space 4}-.0564474{col 69}{space 3} .0261881
{txt}{space 10}cash {c |}{col 16}{res}{space 2} .1392081{col 28}{space 2} .0675857{col 39}{space 1}    2.06{col 48}{space 3}0.039{col 56}{space 4} .0067106{col 69}{space 3} .2717055
{txt}{space 11}lev {c |}{col 16}{res}{space 2}-.0863323{col 28}{space 2}  .035059{col 39}{space 1}   -2.46{col 48}{space 3}0.014{col 56}{space 4}-.1550632{col 69}{space 3}-.0176014
{txt}{space 6}salesg_w {c |}{col 16}{res}{space 2} .1018696{col 28}{space 2} .0322727{col 39}{space 1}    3.16{col 48}{space 3}0.002{col 56}{space 4}  .038601{col 69}{space 3} .1651381
{txt}{space 11}tsr {c |}{col 16}{res}{space 2} .0345489{col 28}{space 2} .0131904{col 39}{space 1}    2.62{col 48}{space 3}0.009{col 56}{space 4} .0086899{col 69}{space 3} .0604079
{txt}{space 9}union {c |}{col 16}{res}{space 2}-.0053584{col 28}{space 2} .0198479{col 39}{space 1}   -0.27{col 48}{space 3}0.787{col 56}{space 4}-.0442689{col 69}{space 3} .0335522
{txt}{space 12}rd {c |}{col 16}{res}{space 2} .5867646{col 28}{space 2} .1750297{col 39}{space 1}    3.35{col 48}{space 3}0.001{col 56}{space 4} .2436301{col 69}{space 3}  .929899
{txt}{space 9}_cons {c |}{col 16}{res}{space 2} 2.159495{col 28}{space 2}   .08052{col 39}{space 1}   26.82{col 48}{space 3}0.000{col 56}{space 4} 2.001641{col 69}{space 3} 2.317349
{txt}{hline 15}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      146{col 27}{space 1}        0{col 39}{result}{space 1}      146{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est4{txt} stored)

{com}. esttab using "Output/Tables/RF/TC2_employee_opp_diff.csv", b(3) ar2 varwidth(25) title("Opportunities Rating")  order(pr_quint_5 pr_quint_1 ln_upr ln_epr gd_opp_pre_365 size mtb roa io cash lev salesg_w tsr union rd) star(* 0.10 ** 0.05  *** 0.01 ) drop(_cons) replace
{res}{txt}(output written to {browse  `"Output/Tables/RF/TC2_employee_opp_diff.csv"'})

{com}. 
. ****************************
. *Change in Overall
. ****************************
. est clear
{txt}
{com}. eststo: xi: reghdfe gd_overall_diff_365 pr_quint_5 pr_quint_1 gd_overall_pre_365 size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1 ,absorb(ffi49)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     2,006
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   1944{txt}){col 67}= {res}     62.16
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.3070
{txt}{col 51}Adj R-squared{col 67}= {res}    0.2852
{txt}{col 51}Within R-sq.{col 67}= {res}    0.2936
{txt}{col 51}Root MSE{col 67}= {res}    0.5804

{txt}{hline 19}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_overall_dif~365{col 20}{c |}      Coef.{col 32}   Std. Err.{col 44}      t{col 52}   P>|t|{col 60}     [95% Con{col 73}f. Interval]
{hline 19}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 8}pr_quint_5 {c |}{col 20}{res}{space 2}-.0195332{col 32}{space 2}  .038103{col 43}{space 1}   -0.51{col 52}{space 3}0.608{col 60}{space 4}-.0942603{col 73}{space 3} .0551939
{txt}{space 8}pr_quint_1 {c |}{col 20}{res}{space 2} .0288739{col 32}{space 2} .0434332{col 43}{space 1}    0.66{col 52}{space 3}0.506{col 60}{space 4}-.0563066{col 73}{space 3} .1140544
{txt}gd_overall_pre_365 {c |}{col 20}{res}{space 2}-.6186031{col 32}{space 2} .0218997{col 43}{space 1}  -28.25{col 52}{space 3}0.000{col 60}{space 4}-.6615524{col 73}{space 3}-.5756538
{txt}{space 14}size {c |}{col 20}{res}{space 2} .0361935{col 32}{space 2}  .010444{col 43}{space 1}    3.47{col 52}{space 3}0.001{col 60}{space 4} .0157109{col 73}{space 3} .0566761
{txt}{space 15}mtb {c |}{col 20}{res}{space 2} .0141948{col 32}{space 2} .0105821{col 43}{space 1}    1.34{col 52}{space 3}0.180{col 60}{space 4}-.0065588{col 73}{space 3} .0349483
{txt}{space 15}roa {c |}{col 20}{res}{space 2} .1936875{col 32}{space 2} .1425087{col 43}{space 1}    1.36{col 52}{space 3}0.174{col 60}{space 4}-.0857983{col 73}{space 3} .4731734
{txt}{space 16}io {c |}{col 20}{res}{space 2}-.0155315{col 32}{space 2} .0607398{col 43}{space 1}   -0.26{col 52}{space 3}0.798{col 60}{space 4}-.1346534{col 73}{space 3} .1035905
{txt}{space 14}cash {c |}{col 20}{res}{space 2} .1257503{col 32}{space 2} .1053187{col 43}{space 1}    1.19{col 52}{space 3}0.233{col 60}{space 4}-.0807992{col 73}{space 3} .3322998
{txt}{space 15}lev {c |}{col 20}{res}{space 2}-.0454401{col 32}{space 2} .0625352{col 43}{space 1}   -0.73{col 52}{space 3}0.468{col 60}{space 4}-.1680832{col 73}{space 3} .0772029
{txt}{space 10}salesg_w {c |}{col 20}{res}{space 2} .0597381{col 32}{space 2} .0472516{col 43}{space 1}    1.26{col 52}{space 3}0.206{col 60}{space 4}-.0329312{col 73}{space 3} .1524073
{txt}{space 15}tsr {c |}{col 20}{res}{space 2}-.0042074{col 32}{space 2} .0323694{col 43}{space 1}   -0.13{col 52}{space 3}0.897{col 60}{space 4}-.0676897{col 73}{space 3}  .059275
{txt}{space 13}union {c |}{col 20}{res}{space 2}-.0538298{col 32}{space 2} .0336957{col 43}{space 1}   -1.60{col 52}{space 3}0.110{col 60}{space 4}-.1199133{col 73}{space 3} .0122538
{txt}{space 16}rd {c |}{col 20}{res}{space 2}  .534767{col 32}{space 2} .2815076{col 43}{space 1}    1.90{col 52}{space 3}0.058{col 60}{space 4}-.0173214{col 73}{space 3} 1.086855
{txt}{space 13}_cons {c |}{col 20}{res}{space 2} 1.744326{col 32}{space 2} .1155945{col 43}{space 1}   15.09{col 52}{space 3}0.000{col 60}{space 4} 1.517624{col 73}{space 3} 1.971028
{txt}{hline 19}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       49{col 27}{space 1}        0{col 39}{result}{space 1}       49{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est1{txt} stored)

{com}. eststo: xi: reghdfe gd_overall_diff_365 pr_quint_5 pr_quint_1 gd_overall_pre_365 size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1 ,absorb(indyr)
{res}{txt}(dropped 1 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     5,536
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   5377{txt}){col 67}= {res}    273.96
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4385
{txt}{col 51}Adj R-squared{col 67}= {res}    0.4220
{txt}{col 51}Within R-sq.{col 67}= {res}    0.3984
{txt}{col 51}Root MSE{col 67}= {res}    0.5398

{txt}{hline 19}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_overall_dif~365{col 20}{c |}      Coef.{col 32}   Std. Err.{col 44}      t{col 52}   P>|t|{col 60}     [95% Con{col 73}f. Interval]
{hline 19}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 8}pr_quint_5 {c |}{col 20}{res}{space 2}-.0249628{col 32}{space 2} .0213595{col 43}{space 1}   -1.17{col 52}{space 3}0.243{col 60}{space 4}-.0668361{col 73}{space 3} .0169105
{txt}{space 8}pr_quint_1 {c |}{col 20}{res}{space 2} .0260845{col 32}{space 2} .0230154{col 43}{space 1}    1.13{col 52}{space 3}0.257{col 60}{space 4} -.019035{col 73}{space 3} .0712039
{txt}gd_overall_pre_365 {c |}{col 20}{res}{space 2}-.7359475{col 32}{space 2} .0123989{col 43}{space 1}  -59.36{col 52}{space 3}0.000{col 60}{space 4}-.7602544{col 73}{space 3}-.7116406
{txt}{space 14}size {c |}{col 20}{res}{space 2} .0575234{col 32}{space 2} .0060216{col 43}{space 1}    9.55{col 52}{space 3}0.000{col 60}{space 4} .0457187{col 73}{space 3} .0693282
{txt}{space 15}mtb {c |}{col 20}{res}{space 2} .0132468{col 32}{space 2} .0049421{col 43}{space 1}    2.68{col 52}{space 3}0.007{col 60}{space 4} .0035584{col 73}{space 3} .0229353
{txt}{space 15}roa {c |}{col 20}{res}{space 2}  .331868{col 32}{space 2} .0791881{col 43}{space 1}    4.19{col 52}{space 3}0.000{col 60}{space 4} .1766273{col 73}{space 3} .4871087
{txt}{space 16}io {c |}{col 20}{res}{space 2} .0012405{col 32}{space 2} .0199478{col 43}{space 1}    0.06{col 52}{space 3}0.950{col 60}{space 4}-.0378652{col 73}{space 3} .0403462
{txt}{space 14}cash {c |}{col 20}{res}{space 2} .2152655{col 32}{space 2} .0616972{col 43}{space 1}    3.49{col 52}{space 3}0.000{col 60}{space 4} .0943139{col 73}{space 3} .3362171
{txt}{space 15}lev {c |}{col 20}{res}{space 2} -.053225{col 32}{space 2} .0320759{col 43}{space 1}   -1.66{col 52}{space 3}0.097{col 60}{space 4}-.1161069{col 73}{space 3} .0096568
{txt}{space 10}salesg_w {c |}{col 20}{res}{space 2} .1062396{col 32}{space 2} .0289567{col 43}{space 1}    3.67{col 52}{space 3}0.000{col 60}{space 4} .0494728{col 73}{space 3} .1630064
{txt}{space 15}tsr {c |}{col 20}{res}{space 2} .0066994{col 32}{space 2} .0124891{col 43}{space 1}    0.54{col 52}{space 3}0.592{col 60}{space 4}-.0177842{col 73}{space 3}  .031183
{txt}{space 13}union {c |}{col 20}{res}{space 2} -.016433{col 32}{space 2} .0182702{col 43}{space 1}   -0.90{col 52}{space 3}0.368{col 60}{space 4}-.0522499{col 73}{space 3}  .019384
{txt}{space 16}rd {c |}{col 20}{res}{space 2} .6652246{col 32}{space 2}  .158789{col 43}{space 1}    4.19{col 52}{space 3}0.000{col 60}{space 4} .3539338{col 73}{space 3} .9765153
{txt}{space 13}_cons {c |}{col 20}{res}{space 2} 2.054132{col 32}{space 2} .0653659{col 43}{space 1}   31.43{col 52}{space 3}0.000{col 60}{space 4} 1.925988{col 73}{space 3} 2.182275
{txt}{hline 19}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      146{col 27}{space 1}        0{col 39}{result}{space 1}      146{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est2{txt} stored)

{com}. eststo: xi: reghdfe gd_overall_diff_365 ln_upr ln_epr gd_overall_pre_365 size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1 ,absorb(ffi49)
{res}{txt}(dropped 1 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     1,870
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   1809{txt}){col 67}= {res}     58.02
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.3092
{txt}{col 51}Adj R-squared{col 67}= {res}    0.2863
{txt}{col 51}Within R-sq.{col 67}= {res}    0.2943
{txt}{col 51}Root MSE{col 67}= {res}    0.5806

{txt}{hline 19}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_overall_dif~365{col 20}{c |}      Coef.{col 32}   Std. Err.{col 44}      t{col 52}   P>|t|{col 60}     [95% Con{col 73}f. Interval]
{hline 19}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 12}ln_upr {c |}{col 20}{res}{space 2}-.0311646{col 32}{space 2} .0166518{col 43}{space 1}   -1.87{col 52}{space 3}0.061{col 60}{space 4}-.0638234{col 73}{space 3} .0014943
{txt}{space 12}ln_epr {c |}{col 20}{res}{space 2} .1008883{col 32}{space 2} .0661974{col 43}{space 1}    1.52{col 52}{space 3}0.128{col 60}{space 4}-.0289431{col 73}{space 3} .2307196
{txt}gd_overall_pre_365 {c |}{col 20}{res}{space 2}-.6184626{col 32}{space 2} .0227053{col 43}{space 1}  -27.24{col 52}{space 3}0.000{col 60}{space 4} -.662994{col 73}{space 3}-.5739312
{txt}{space 14}size {c |}{col 20}{res}{space 2}-.0013184{col 32}{space 2} .0263245{col 43}{space 1}   -0.05{col 52}{space 3}0.960{col 60}{space 4}-.0529479{col 73}{space 3} .0503112
{txt}{space 15}mtb {c |}{col 20}{res}{space 2} .0146019{col 32}{space 2} .0107934{col 43}{space 1}    1.35{col 52}{space 3}0.176{col 60}{space 4}-.0065669{col 73}{space 3} .0357707
{txt}{space 15}roa {c |}{col 20}{res}{space 2} .1618927{col 32}{space 2} .1471363{col 43}{space 1}    1.10{col 52}{space 3}0.271{col 60}{space 4}-.1266822{col 73}{space 3} .4504677
{txt}{space 16}io {c |}{col 20}{res}{space 2} .0204054{col 32}{space 2} .0655904{col 43}{space 1}    0.31{col 52}{space 3}0.756{col 60}{space 4}-.1082354{col 73}{space 3} .1490462
{txt}{space 14}cash {c |}{col 20}{res}{space 2} .1462054{col 32}{space 2} .1098805{col 43}{space 1}    1.33{col 52}{space 3}0.183{col 60}{space 4}-.0693006{col 73}{space 3} .3617114
{txt}{space 15}lev {c |}{col 20}{res}{space 2}-.0502582{col 32}{space 2} .0643381{col 43}{space 1}   -0.78{col 52}{space 3}0.435{col 60}{space 4} -.176443{col 73}{space 3} .0759267
{txt}{space 10}salesg_w {c |}{col 20}{res}{space 2} .0744323{col 32}{space 2} .0503744{col 43}{space 1}    1.48{col 52}{space 3}0.140{col 60}{space 4}-.0243659{col 73}{space 3} .1732304
{txt}{space 15}tsr {c |}{col 20}{res}{space 2}-.0083372{col 32}{space 2} .0330404{col 43}{space 1}   -0.25{col 52}{space 3}0.801{col 60}{space 4}-.0731386{col 73}{space 3} .0564642
{txt}{space 13}union {c |}{col 20}{res}{space 2}-.0482856{col 32}{space 2} .0351237{col 43}{space 1}   -1.37{col 52}{space 3}0.169{col 60}{space 4}-.1171728{col 73}{space 3} .0206016
{txt}{space 16}rd {c |}{col 20}{res}{space 2} .6681959{col 32}{space 2} .2872459{col 43}{space 1}    2.33{col 52}{space 3}0.020{col 60}{space 4} .1048274{col 73}{space 3} 1.231564
{txt}{space 13}_cons {c |}{col 20}{res}{space 2} 1.558933{col 32}{space 2} .1460251{col 43}{space 1}   10.68{col 52}{space 3}0.000{col 60}{space 4} 1.272537{col 73}{space 3} 1.845328
{txt}{hline 19}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       48{col 27}{space 1}        0{col 39}{result}{space 1}       48{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est3{txt} stored)

{com}. eststo: xi: reghdfe gd_overall_diff_365 ln_upr ln_epr gd_overall_pre_365 size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1 ,absorb(indyr)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     5,250
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   5091{txt}){col 67}= {res}    263.31
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4419
{txt}{col 51}Adj R-squared{col 67}= {res}    0.4246
{txt}{col 51}Within R-sq.{col 67}= {res}    0.4020
{txt}{col 51}Root MSE{col 67}= {res}    0.5388

{txt}{hline 19}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_overall_dif~365{col 20}{c |}      Coef.{col 32}   Std. Err.{col 44}      t{col 52}   P>|t|{col 60}     [95% Con{col 73}f. Interval]
{hline 19}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 12}ln_upr {c |}{col 20}{res}{space 2}-.0209657{col 32}{space 2} .0095406{col 43}{space 1}   -2.20{col 52}{space 3}0.028{col 60}{space 4}-.0396693{col 73}{space 3} -.002262
{txt}{space 12}ln_epr {c |}{col 20}{res}{space 2}-.0921673{col 32}{space 2} .0358927{col 43}{space 1}   -2.57{col 52}{space 3}0.010{col 60}{space 4}-.1625324{col 73}{space 3}-.0218022
{txt}gd_overall_pre_365 {c |}{col 20}{res}{space 2}-.7430154{col 32}{space 2} .0127618{col 43}{space 1}  -58.22{col 52}{space 3}0.000{col 60}{space 4} -.768034{col 73}{space 3}-.7179968
{txt}{space 14}size {c |}{col 20}{res}{space 2} .0864571{col 32}{space 2} .0142385{col 43}{space 1}    6.07{col 52}{space 3}0.000{col 60}{space 4} .0585436{col 73}{space 3} .1143706
{txt}{space 15}mtb {c |}{col 20}{res}{space 2} .0154657{col 32}{space 2} .0050878{col 43}{space 1}    3.04{col 52}{space 3}0.002{col 60}{space 4} .0054915{col 73}{space 3}   .02544
{txt}{space 15}roa {c |}{col 20}{res}{space 2} .3499189{col 32}{space 2} .0827297{col 43}{space 1}    4.23{col 52}{space 3}0.000{col 60}{space 4} .1877332{col 73}{space 3} .5121046
{txt}{space 16}io {c |}{col 20}{res}{space 2} .0096533{col 32}{space 2} .0201434{col 43}{space 1}    0.48{col 52}{space 3}0.632{col 60}{space 4}-.0298364{col 73}{space 3}  .049143
{txt}{space 14}cash {c |}{col 20}{res}{space 2} .1851276{col 32}{space 2} .0639654{col 43}{space 1}    2.89{col 52}{space 3}0.004{col 60}{space 4} .0597279{col 73}{space 3} .3105274
{txt}{space 15}lev {c |}{col 20}{res}{space 2} -.066828{col 32}{space 2} .0333194{col 43}{space 1}   -2.01{col 52}{space 3}0.045{col 60}{space 4}-.1321483{col 73}{space 3}-.0015076
{txt}{space 10}salesg_w {c |}{col 20}{res}{space 2} .0938862{col 32}{space 2} .0305309{col 43}{space 1}    3.08{col 52}{space 3}0.002{col 60}{space 4} .0340325{col 73}{space 3}   .15374
{txt}{space 15}tsr {c |}{col 20}{res}{space 2} .0044417{col 32}{space 2} .0125884{col 43}{space 1}    0.35{col 52}{space 3}0.724{col 60}{space 4} -.020237{col 73}{space 3} .0291204
{txt}{space 13}union {c |}{col 20}{res}{space 2}-.0068508{col 32}{space 2}  .018875{col 43}{space 1}   -0.36{col 52}{space 3}0.717{col 60}{space 4}-.0438538{col 73}{space 3} .0301523
{txt}{space 16}rd {c |}{col 20}{res}{space 2} .6964784{col 32}{space 2} .1667956{col 43}{space 1}    4.18{col 52}{space 3}0.000{col 60}{space 4} .3694873{col 73}{space 3} 1.023469
{txt}{space 13}_cons {c |}{col 20}{res}{space 2} 2.241206{col 32}{space 2} .0786437{col 43}{space 1}   28.50{col 52}{space 3}0.000{col 60}{space 4}  2.08703{col 73}{space 3} 2.395381
{txt}{hline 19}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      146{col 27}{space 1}        0{col 39}{result}{space 1}      146{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est4{txt} stored)

{com}. esttab using "Output/Tables/RF/TC2_employee_overall_diff.csv", b(3) ar2 varwidth(25) title("Overall Rating")  order(pr_quint_5 pr_quint_1 ln_upr ln_epr gd_overall_pre_365 size mtb roa io cash lev salesg_w tsr union rd) star(* 0.10 ** 0.05  *** 0.01 ) drop(_cons) replace
{res}{txt}(output written to {browse  `"Output/Tables/RF/TC2_employee_overall_diff.csv"'})

{com}. 
{txt}end of do-file

{com}. 
. // ---------------------------- Table C-3: Number of Missing Glassdoor Variables
. do Code/produce_tableC3
{txt}
{com}. 
. ************************************************************************************************************
. **#                                              Appendix C - Table C-3: Number of Missing Glassdoor Variables
. ************************************************************************************************************
. 
. capture cd "C:\Users\austin.starkweather\Dropbox\Research\CEO Pay Ratio\Analysis"
{txt}
{com}. capture cd "/Users/joshw/Dropbox/CEO Pay Ratio/Analysis/"
{txt}
{com}. use "Data/Temp/dataset_main.dta", clear
{txt}
{com}. 
. *************************
. *Variable population
. *************************
. misschk gd_pay_post_365 gd_ceodis_post_365 gd_wl_post_365 gd_cult_post_365 gd_opp_post_365  gd_overall_post_365

{txt}Variables examined for missing values

   #  Variable        # Missing   % Missing
--------------------------------------------
{res}   1 {col 7}gd_pay_post_365{col 23}   1012{col 36}  11.4
   2 {col 7}gd_ceodis_post_365{col 23}    941{col 36}  10.6
   3 {col 7}gd_wl_post_365{col 23}   1013{col 36}  11.4
   4 {col 7}gd_cult_post_365{col 23}   1016{col 36}  11.5
   5 {col 7}gd_opp_post_365{col 23}   1013{col 36}  11.4
   6 {col 7}gd_overall_post_365{col 23}    941{col 36}  10.6

Warning: {txt}this output does not differentiate among extended missing.
To generate patterns for extended missing, use extmiss option.

Missing for {c |}
      which {c |}
 variables? {c |}      Freq.     Percent        Cum.
{hline 12}{c +}{hline 35}
    12345 6 {c |}{res}        941       10.63       10.63
{txt}    1_345 _ {c |}{res}         64        0.72       11.35
{txt}    1_34_ _ {c |}{res}          4        0.05       11.40
{txt}    1__45 _ {c |}{res}          1        0.01       11.41
{txt}    1___5 _ {c |}{res}          1        0.01       11.42
{txt}    1____ _ {c |}{res}          1        0.01       11.43
{txt}    __34_ _ {c |}{res}          3        0.03       11.47
{txt}    __3_5 _ {c |}{res}          1        0.01       11.48
{txt}    ___4_ _ {c |}{res}          3        0.03       11.51
{txt}    ____5 _ {c |}{res}          5        0.06       11.57
{txt}    _____ _ {c |}{res}      7,828       88.43      100.00
{txt}{hline 12}{c +}{hline 35}
      Total {c |}{res}      8,852      100.00

{txt}Missing for {c |}
   how many {c |}
 variables? {c |}      Freq.     Percent        Cum.
{hline 12}{c +}{hline 35}
          0 {c |}{res}      7,828       88.43       88.43
{txt}          1 {c |}{res}          9        0.10       88.53
{txt}          2 {c |}{res}          5        0.06       88.59
{txt}          3 {c |}{res}          5        0.06       88.65
{txt}          4 {c |}{res}         64        0.72       89.37
{txt}          6 {c |}{res}        941       10.63      100.00
{txt}{hline 12}{c +}{hline 35}
      Total {c |}{res}      8,852      100.00
{txt}
{com}. misschk gd_pay_pre_365 gd_ceodis_pre_365 gd_wl_pre_365 gd_cult_pre_365 gd_opp_pre_365 gd_overall_pre_365

{txt}Variables examined for missing values

   #  Variable        # Missing   % Missing
--------------------------------------------
{res}   1 {col 7}gd_pay_pre_365{col 23}   1059{col 36}  12.0
   2 {col 7}gd_ceodis_pre_365{col 23}    989{col 36}  11.2
   3 {col 7}gd_wl_pre_365{col 23}   1059{col 36}  12.0
   4 {col 7}gd_cult_pre_365{col 23}   1062{col 36}  12.0
   5 {col 7}gd_opp_pre_365{col 23}   1058{col 36}  12.0
   6 {col 7}gd_overall_pre_365{col 23}    989{col 36}  11.2

Warning: {txt}this output does not differentiate among extended missing.
To generate patterns for extended missing, use extmiss option.

Missing for {c |}
      which {c |}
 variables? {c |}      Freq.     Percent        Cum.
{hline 12}{c +}{hline 35}
    12345 6 {c |}{res}        989       11.17       11.17
{txt}    1_345 _ {c |}{res}         63        0.71       11.88
{txt}    1_34_ _ {c |}{res}          4        0.05       11.93
{txt}    1__45 _ {c |}{res}          1        0.01       11.94
{txt}    1____ _ {c |}{res}          2        0.02       11.96
{txt}    __34_ _ {c |}{res}          1        0.01       11.97
{txt}    __3__ _ {c |}{res}          2        0.02       12.00
{txt}    ___45 _ {c |}{res}          1        0.01       12.01
{txt}    ___4_ _ {c |}{res}          3        0.03       12.04
{txt}    ____5 _ {c |}{res}          4        0.05       12.09
{txt}    _____ _ {c |}{res}      7,782       87.91      100.00
{txt}{hline 12}{c +}{hline 35}
      Total {c |}{res}      8,852      100.00

{txt}Missing for {c |}
   how many {c |}
 variables? {c |}      Freq.     Percent        Cum.
{hline 12}{c +}{hline 35}
          0 {c |}{res}      7,782       87.91       87.91
{txt}          1 {c |}{res}         11        0.12       88.04
{txt}          2 {c |}{res}          2        0.02       88.06
{txt}          3 {c |}{res}          5        0.06       88.12
{txt}          4 {c |}{res}         63        0.71       88.83
{txt}          6 {c |}{res}        989       11.17      100.00
{txt}{hline 12}{c +}{hline 35}
      Total {c |}{res}      8,852      100.00
{txt}
{com}. 
{txt}end of do-file

{com}. 
. 
. ////////////////////////////////////////////////////////////////////////////////
> // -----------------------Internet Appendix Tables -------------------------- //
. ////////////////////////////////////////////////////////////////////////////////
> 
. // ---------------------------------------------------- Table IA1: Survey Design
. *Created in MS Word 
. 
. // --------------------------------------------------- Table IA2: Survey Results
. do Code/produce_tableIA2
{txt}
{com}. 
. ************************************************************************************************************
. **#                                                     TABLE IA2 - MECHANICAL TURK RESULTS
. ************************************************************************************************************
. 
. capture cd "C:\Users\austin.starkweather\Dropbox\Research\CEO Pay Ratio\Analysis\"
{txt}
{com}. capture cd "/Users/joshw/Dropbox/CEO Pay Ratio/Analysis/"
{txt}
{com}. use "Data/Temp/dataset_mturk.dta", clear
{txt}
{com}. 
. ***************************
. *Panel A: Survey Statistics
. ***************************
. tabstat pct_ns pct_s pct_all, stat(mean sd p25 p50 p75 n) col(stat)long

{txt}{ralign 12:variable} {...}
{c |}      mean        sd       p25       p50       p75         N
{hline 13}{c +}{hline 60}
{ralign 12:pct_ns} {...}
{c |}{...}
 {res} .9343137  .1137786       .92         1         1       102
{txt}{ralign 12:pct_s} {...}
{c |}{...}
 {res} .9052941  .1510079       .88       .96         1       102
{txt}{ralign 12:pct_all} {...}
{c |}{...}
 {res} .9198039  .1172032       .92       .96         1       102
{txt}{hline 13}{c BT}{hline 60}

{com}. 
. ***************************
. *Panel B: Survey Tests
. ***************************
. *Test of spin and non spin accuracy vs. random chance
. ttest pct_ns==.5

{txt}One-sample t test
{hline 9}{c TT}{hline 68}
Variable{col 10}{c |}{col 16}Obs{col 27}Mean{col 35}Std. Err.{col 47}Std. Dev.{col 59}[95% Conf. Interval]
{hline 9}{c +}{hline 68}
  pct_ns {c |}{res}{col 12}    102{col 22} .9343137{col 34} .0112658{col 46} .1137786{col 58} .9119655{col 70}  .956662
{txt}{hline 9}{c BT}{hline 68}
    mean = mean({res}pct_ns{txt})                                           t = {res} 38.5517
{txt}Ho: mean = {res}.5                                    {txt}degrees of freedom = {res}     101

    {txt}Ha: mean < {res}.5               {txt}Ha: mean != {res}.5                 {txt}Ha: mean > {res}.5
 {txt}Pr(T < t) = {res}1.0000         {txt}Pr(|T| > |t|) = {res}0.0000          {txt}Pr(T > t) = {res}0.0000
{txt}
{com}. ttest pct_s==.5

{txt}One-sample t test
{hline 9}{c TT}{hline 68}
Variable{col 10}{c |}{col 16}Obs{col 27}Mean{col 35}Std. Err.{col 47}Std. Dev.{col 59}[95% Conf. Interval]
{hline 9}{c +}{hline 68}
   pct_s {c |}{res}{col 12}    102{col 22} .9052941{col 34}  .014952{col 46} .1510079{col 58} .8756334{col 70} .9349549
{txt}{hline 9}{c BT}{hline 68}
    mean = mean({res}pct_s{txt})                                            t = {res} 27.1063
{txt}Ho: mean = {res}.5                                    {txt}degrees of freedom = {res}     101

    {txt}Ha: mean < {res}.5               {txt}Ha: mean != {res}.5                 {txt}Ha: mean > {res}.5
 {txt}Pr(T < t) = {res}1.0000         {txt}Pr(|T| > |t|) = {res}0.0000          {txt}Pr(T > t) = {res}0.0000
{txt}
{com}. ttest pct_all==.5

{txt}One-sample t test
{hline 9}{c TT}{hline 68}
Variable{col 10}{c |}{col 16}Obs{col 27}Mean{col 35}Std. Err.{col 47}Std. Dev.{col 59}[95% Conf. Interval]
{hline 9}{c +}{hline 68}
 pct_all {c |}{res}{col 12}    102{col 22} .9198039{col 34} .0116048{col 46} .1172032{col 58}  .896783{col 70} .9428248
{txt}{hline 9}{c BT}{hline 68}
    mean = mean({res}pct_all{txt})                                          t = {res} 36.1749
{txt}Ho: mean = {res}.5                                    {txt}degrees of freedom = {res}     101

    {txt}Ha: mean < {res}.5               {txt}Ha: mean != {res}.5                 {txt}Ha: mean > {res}.5
 {txt}Pr(T < t) = {res}1.0000         {txt}Pr(|T| > |t|) = {res}0.0000          {txt}Pr(T > t) = {res}0.0000
{txt}
{com}. signrank pct_ns=.5

{txt}Wilcoxon signed-rank test

        sign {c |}      obs   sum ranks    expected
{hline 13}{c +}{hline 33}
    positive {c |}{res}{col 17}    102{col 26}      5253{col 38}    2626.5
    {txt}negative {c |}{res}{col 17}      0{col 26}         0{col 38}    2626.5
        {txt}zero {c |}{res}{col 17}      0{col 26}         0{col 38}         0
{txt}{hline 13}{c +}{hline 33}
         all {c |}{res}{col 17}    102{col 26}      5253{col 38}      5253

{txt}unadjusted variance{col 22}{res}  89738.75
{txt}adjustment for ties{col 22}{res}  -4325.62
{txt}adjustment for zeros{col 22}{res}      0.00
{txt}{col 22}{hline 10}
adjusted variance{col 22}{res}  85413.12

{txt}Ho: pct_ns = .5
{col 14}z = {res}  8.987
{txt}{col 5}Prob > |z| = {res}  0.0000
{txt}
{com}. signrank pct_s=.5

{txt}Wilcoxon signed-rank test

        sign {c |}      obs   sum ranks    expected
{hline 13}{c +}{hline 33}
    positive {c |}{res}{col 17}     95{col 26}      5221{col 38}    2626.5
    {txt}negative {c |}{res}{col 17}      7{col 26}        32{col 38}    2626.5
        {txt}zero {c |}{res}{col 17}      0{col 26}         0{col 38}         0
{txt}{hline 13}{c +}{hline 33}
         all {c |}{res}{col 17}    102{col 26}      5253{col 38}      5253

{txt}unadjusted variance{col 22}{res}  89738.75
{txt}adjustment for ties{col 22}{res}  -1456.50
{txt}adjustment for zeros{col 22}{res}      0.00
{txt}{col 22}{hline 10}
adjusted variance{col 22}{res}  88282.25

{txt}Ho: pct_s = .5
{col 14}z = {res}  8.732
{txt}{col 5}Prob > |z| = {res}  0.0000
{txt}
{com}. signrank pct_all=.5

{txt}Wilcoxon signed-rank test

        sign {c |}      obs   sum ranks    expected
{hline 13}{c +}{hline 33}
    positive {c |}{res}{col 17}    100{col 26}      5248{col 38}      2626
    {txt}negative {c |}{res}{col 17}      1{col 26}         4{col 38}      2626
        {txt}zero {c |}{res}{col 17}      1{col 26}         1{col 38}         1
{txt}{hline 13}{c +}{hline 33}
         all {c |}{res}{col 17}    102{col 26}      5253{col 38}      5253

{txt}unadjusted variance{col 22}{res}  89738.75
{txt}adjustment for ties{col 22}{res}   -685.12
{txt}adjustment for zeros{col 22}{res}     -0.25
{txt}{col 22}{hline 10}
adjusted variance{col 22}{res}  89053.38

{txt}Ho: pct_all = .5
{col 14}z = {res}  8.786
{txt}{col 5}Prob > |z| = {res}  0.0000
{txt}
{com}. 
. ***************************
. *Panel C: Demographics
. ***************************
. tabstat female age non_white educ retired emp_FT wages inv_exp, stat(mean sd p25 p50 p75 n) col(stat)long

{txt}{ralign 12:variable} {...}
{c |}      mean        sd       p25       p50       p75         N
{hline 13}{c +}{hline 60}
{ralign 12:female} {...}
{c |}{...}
 {res} .4313725  .4977137         0         0         1       102
{txt}{ralign 12:age} {...}
{c |}{...}
 {res} 43.35294  11.38233        34        41        53       102
{txt}{ralign 12:non_white} {...}
{c |}{...}
 {res} .1078431   .311714         0         0         0       102
{txt}{ralign 12:educ} {...}
{c |}{...}
 {res} 1.813725   .754267         1         2         2       102
{txt}{ralign 12:retired} {...}
{c |}{...}
 {res} .0490196  .2169752         0         0         0       102
{txt}{ralign 12:emp_FT} {...}
{c |}{...}
 {res} .6176471  .4883619         0         1         1       102
{txt}{ralign 12:wages} {...}
{c |}{...}
 {res} 45.53922  37.80426        20        30      67.5       102
{txt}{ralign 12:inv_exp} {...}
{c |}{...}
 {res} 2.107843  .9217596         1         2         3       102
{txt}{hline 13}{c BT}{hline 60}

{com}. 
{txt}end of do-file

{com}. 
. // -------------------------------------- Table IA3: Tabulated Employee Response
. *See output from Code/produce_table2
. 
. // ------------ Table IA4: Tabulated Employee Response by Industry and Geography
. *See output from Code/produce_table3
. 
. // ----------------------------- Table IA5: Tabulated Firm Response to Pay Ratio
. *See output from Code/produce_table4
. 
. // -------------- Table IA6: Tabulated Employee Based Determinants of Disclosure
. *See output from Code/produce_table5
. 
. // -------------------- Table IA7: Tabulated Firm Response and Employee Outcomes
. *See output from Code/produce_table6
. 
. // ----------------------------------- Table IA8: Full Sample Summary Statistics
. do Code/produce_tableIA8
{txt}
{com}. 
. ************************************************************************************************************
. **#                                                     TABLE IA-8 - FULL SAMPLE SUMMARY STATS
. ************************************************************************************************************
. 
. capture cd "C:\Users\austin.starkweather\Dropbox\Research\CEO Pay Ratio\Analysis"
{txt}
{com}. capture cd "/Users/joshw/Dropbox/CEO Pay Ratio/Analysis/"
{txt}
{com}. use "Data/Temp/dataset_main.dta", clear
{txt}
{com}. 
. ***********************************
. *Summary stats for reporting year 1
. ***********************************
. tabstat size union mtb roa io rd cash lev salesg_w tsr if sample_yr==1, stat(mean sd p25 p50 p75) col(stat)long

{txt}{ralign 12:variable} {...}
{c |}      mean        sd       p25       p50       p75
{hline 13}{c +}{hline 50}
{ralign 12:size} {...}
{c |}{...}
 {res} 7.951487  1.752051  6.795146  7.882279   9.03315
{txt}{ralign 12:union} {...}
{c |}{...}
 {res} .3810912  .4857561         0         0         1
{txt}{ralign 12:mtb} {...}
{c |}{...}
 {res} 1.822999   2.01015  .8081662  1.267218   2.13428
{txt}{ralign 12:roa} {...}
{c |}{...}
 {res} .0454362  .1567111  .0199469  .0532304  .1017431
{txt}{ralign 12:io} {...}
{c |}{...}
 {res} .7566615  .2512049  .6531775  .8169956  .9219162
{txt}{ralign 12:rd} {...}
{c |}{...}
 {res} .0370834   .122736         0         0  .0225469
{txt}{ralign 12:cash} {...}
{c |}{...}
 {res} .1559247  .1984129  .0263691  .0729161  .2009256
{txt}{ralign 12:lev} {...}
{c |}{...}
 {res} .2483941  .2455886  .0427787  .2114426   .374001
{txt}{ralign 12:salesg_w} {...}
{c |}{...}
 {res} .1316899   .311971  .0181579  .0769298  .1687759
{txt}{ralign 12:tsr} {...}
{c |}{...}
 {res} .1854864  .4624386 -.0504302  .1253895  .3366482
{txt}{hline 13}{c BT}{hline 50}

{com}. 
{txt}end of do-file

{com}. 
. // ------------------------------------------------ Table IA9: Transition Matrix
. do Code/produce_tableIA9
{txt}
{com}. 
. ************************************************************************************************************
. **#                                                     TABLE IA-9 - TRANSITION MATRIX
. ************************************************************************************************************
. 
. capture cd "C:\Users\austin.starkweather\Dropbox\Research\CEO Pay Ratio\Analysis"
{txt}
{com}. capture cd "/Users/joshw/Dropbox/CEO Pay Ratio/Analysis/"
{txt}
{com}. use "Data/Temp/dataset_main.dta", clear
{txt}
{com}. 
. **************************
. *Produce transition matrix
. **************************
. tab2 pr_quint pr_quint_p1, row nofreq

{res}-> tabulation of pr_quint by pr_quint_p1  

 {txt}pay ratio {c |}
  quintile {c |}             Pay ratio quintile in year t+1
  (yearly) {c |}         1          2          3          4          5 {c |}     Total
{hline 11}{c +}{hline 55}{c +}{hline 10}
         1 {c |}{res}     78.52      15.63       4.10       0.70       1.05 {txt}{c |}{res}    100.00 
{txt}         2 {c |}{res}     14.68      61.28      19.07       3.48       1.49 {txt}{c |}{res}    100.00 
{txt}         3 {c |}{res}      4.31      17.73      57.75      17.15       3.07 {txt}{c |}{res}    100.00 
{txt}         4 {c |}{res}      1.58       3.66      16.64      64.23      13.89 {txt}{c |}{res}    100.00 
{txt}         5 {c |}{res}      1.02       1.37       2.90      13.41      81.30 {txt}{c |}{res}    100.00 
{txt}{hline 11}{c +}{hline 55}{c +}{hline 10}
     Total {c |}{res}     19.54      20.10      20.37      20.00      20.00 {txt}{c |}{res}    100.00 
{txt}
{com}. 
{txt}end of do-file

{com}. 
. // --------------------------------------- Table IA10: Supplemental Ratio Change
. do Code/produce_tableIA10
{txt}
{com}. 
. ************************************************************************************************************
. **#                                                     TABLE IA-10 - SUPPLMENTAL RATIO CHANGE
. ************************************************************************************************************
. 
. capture cd "C:\Users\austin.starkweather\Dropbox\Research\CEO Pay Ratio\Analysis"
{txt}
{com}. capture cd "/Users/joshw/Dropbox/CEO Pay Ratio/Analysis/"
{txt}
{com}. use "Data/Temp/dataset_main.dta", clear
{txt}
{com}. 
. *************************************
. *Examine change in supplemental ratio
. *************************************
. tabstat supp_ratio_diff_pct, by(pr_quint) stat(mean p50 n)

{txt}Summary for variables: supp_ratio_diff_pct
{col 6}by categories of: pr_quint (pay ratio quintile (yearly))

{ralign 8:pr_quint} {...}
{c |}      mean       p50         N
{hline 9}{c +}{hline 30}
{ralign 8:1} {...}
{c |}{...}
 {res} 5.310169  .6428571        61
{txt}{ralign 8:2} {...}
{c |}{...}
 {res} .0635782 -.1666667        85
{txt}{ralign 8:3} {...}
{c |}{...}
 {res}-.0609064 -.2985209       128
{txt}{ralign 8:4} {...}
{c |}{...}
 {res}-.1818976 -.3571429       175
{txt}{ralign 8:5} {...}
{c |}{...}
 {res}-.4536439 -.5819672       411
{txt}{hline 9}{c +}{hline 30}
{ralign 8:Total} {...}
{c |}{...}
 {res} .1200566 -.4277992       860
{txt}{hline 9}{c BT}{hline 30}

{com}. 
{txt}end of do-file

{com}. 
. // ------- Table IA11: Summary of Pay Ratio Comment Letters Submitted to the SEC
. *Created in MS Excel
. 
. // ---------------------------- Table IA12: Media Coverage by Pay Ratio Category
. do Code/produce_tableIA12
{txt}
{com}. 
. ************************************************************************************************************
. **#                                                     TABLE IA-12 -  MEDIA COVERAGE BASED ON PAY RATIO DISTRIBUTION
. ************************************************************************************************************
. 
. capture cd "C:\Users\austin.starkweather\Dropbox\Research\CEO Pay Ratio\Analysis"
{txt}
{com}. capture cd "/Users/joshw/Dropbox/CEO Pay Ratio/Analysis/"
{txt}
{com}. use "Data/Temp/dataset_main.dta", clear
{txt}
{com}. 
. ****************************************************
. **Media coverage for motivation of quintile approach
. ****************************************************
. tabstat media_ind, by(pr_dec)

{txt}Summary for variables: media_ind
{col 6}by categories of: pr_dec (pay ratio decile (yearly))

{ralign 8:pr_dec} {...}
{c |}      mean
{hline 9}{c +}{hline 10}
{ralign 8:1} {...}
{c |}{...}
 {res} .0313901
{txt}{ralign 8:2} {...}
{c |}{...}
 {res} .0122087
{txt}{ralign 8:3} {...}
{c |}{...}
 {res} .0204082
{txt}{ralign 8:4} {...}
{c |}{...}
 {res} .0157127
{txt}{ralign 8:5} {...}
{c |}{...}
 {res} .0367394
{txt}{ralign 8:6} {...}
{c |}{...}
 {res} .0427928
{txt}{ralign 8:7} {...}
{c |}{...}
 {res} .0580205
{txt}{ralign 8:8} {...}
{c |}{...}
 {res} .0811725
{txt}{ralign 8:9} {...}
{c |}{...}
 {res} .1231471
{txt}{ralign 8:10} {...}
{c |}{...}
 {res} .2208381
{txt}{hline 9}{c +}{hline 10}
{ralign 8:Total} {...}
{c |}{...}
 {res} .0640606
{txt}{hline 9}{c BT}{hline 10}

{com}. tabstat media_ind, by(pr_quint)

{txt}Summary for variables: media_ind
{col 6}by categories of: pr_quint (pay ratio quintile (yearly))

{ralign 8:pr_quint} {...}
{c |}      mean
{hline 9}{c +}{hline 10}
{ralign 8:1} {...}
{c |}{...}
 {res} .0217391
{txt}{ralign 8:2} {...}
{c |}{...}
 {res} .0180485
{txt}{ralign 8:3} {...}
{c |}{...}
 {res} .0397953
{txt}{ralign 8:4} {...}
{c |}{...}
 {res} .0696489
{txt}{ralign 8:5} {...}
{c |}{...}
 {res} .1721591
{txt}{hline 9}{c +}{hline 10}
{ralign 8:Total} {...}
{c |}{...}
 {res} .0640533
{txt}{hline 9}{c BT}{hline 10}

{com}. tabstat media_ind, by(pr_quart)

{txt}Summary for variables: media_ind
{col 6}by categories of: pr_quart (pay ratio quartile (yearly))

{ralign 8:pr_quart} {...}
{c |}      mean
{hline 9}{c +}{hline 10}
{ralign 8:1} {...}
{c |}{...}
 {res} .0203991
{txt}{ralign 8:2} {...}
{c |}{...}
 {res} .0261109
{txt}{ralign 8:3} {...}
{c |}{...}
 {res} .0582393
{txt}{ralign 8:4} {...}
{c |}{...}
 {res}  .152342
{txt}{hline 9}{c +}{hline 10}
{ralign 8:Total} {...}
{c |}{...}
 {res} .0640533
{txt}{hline 9}{c BT}{hline 10}

{com}. tabstat media_ind, by(pr_terc)

{txt}Summary for variables: media_ind
{col 6}by categories of: pr_terc (pay ratio tercile (yearly))

{ralign 8:pr_terc} {...}
{c |}      mean
{hline 9}{c +}{hline 10}
{ralign 8:1} {...}
{c |}{...}
 {res} .0208193
{txt}{ralign 8:2} {...}
{c |}{...}
 {res} .0375043
{txt}{ralign 8:3} {...}
{c |}{...}
 {res} .1343081
{txt}{hline 9}{c +}{hline 10}
{ralign 8:Total} {...}
{c |}{...}
 {res} .0640533
{txt}{hline 9}{c BT}{hline 10}

{com}. 
. 
. 
{txt}end of do-file

{com}. 
. // -------------------------- Table IA13: Alternative Ratio Partitions for Tests
. do Code/produce_tableIA13
{txt}
{com}. 
. ************************************************************************************************************
. **#                                                     TABLE IA-13 - ROBUSTNESS OF QUINTILE APPROACH FOR EMPLOYEE TESTS
. ************************************************************************************************************
. 
. capture cd "C:\Users\austin.starkweather\Dropbox\Research\CEO Pay Ratio\Analysis"
{txt}
{com}. capture cd "/Users/joshw/Dropbox/CEO Pay Ratio/Analysis/"
{txt}
{com}. use "Data/Temp/dataset_main.dta", clear
{txt}
{com}. 
. ********************************
. *Panel A: Deciles
. ********************************
. est clear
{txt}
{com}. eststo: xi: reghdfe gd_pay_diff_365 pr_dec_10 pr_dec_1 gd_pay_pre_365 size mtb roa io cash lev salesg_w tsr union rd ,absorb(indyr)
{res}{txt}(dropped 1 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     7,455
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   7247{txt}){col 67}= {res}    290.22
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.3630
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3448
{txt}{col 51}Within R-sq.{col 67}= {res}    0.3424
{txt}{col 51}Root MSE{col 67}= {res}    0.5170

{txt}{hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_pay_dif~365{col 16}{c |}      Coef.{col 28}   Std. Err.{col 40}      t{col 48}   P>|t|{col 56}     [95% Con{col 69}f. Interval]
{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 5}pr_dec_10 {c |}{col 16}{res}{space 2} -.081657{col 28}{space 2}  .021677{col 39}{space 1}   -3.77{col 48}{space 3}0.000{col 56}{space 4}-.1241503{col 69}{space 3}-.0391638
{txt}{space 6}pr_dec_1 {c |}{col 16}{res}{space 2} .0610668{col 28}{space 2} .0255753{col 39}{space 1}    2.39{col 48}{space 3}0.017{col 56}{space 4} .0109317{col 69}{space 3} .1112019
{txt}gd_pay_pre_365 {c |}{col 16}{res}{space 2} -.644601{col 28}{space 2} .0105335{col 39}{space 1}  -61.20{col 48}{space 3}0.000{col 56}{space 4}-.6652496{col 69}{space 3}-.6239523
{txt}{space 10}size {c |}{col 16}{res}{space 2} .0578906{col 28}{space 2} .0046064{col 39}{space 1}   12.57{col 48}{space 3}0.000{col 56}{space 4} .0488608{col 69}{space 3} .0669204
{txt}{space 11}mtb {c |}{col 16}{res}{space 2} .0137412{col 28}{space 2} .0042503{col 39}{space 1}    3.23{col 48}{space 3}0.001{col 56}{space 4} .0054093{col 69}{space 3}  .022073
{txt}{space 11}roa {c |}{col 16}{res}{space 2} .1091708{col 28}{space 2} .0668391{col 39}{space 1}    1.63{col 48}{space 3}0.102{col 56}{space 4}-.0218534{col 69}{space 3}  .240195
{txt}{space 12}io {c |}{col 16}{res}{space 2} .0416382{col 28}{space 2} .0180235{col 39}{space 1}    2.31{col 48}{space 3}0.021{col 56}{space 4} .0063069{col 69}{space 3} .0769695
{txt}{space 10}cash {c |}{col 16}{res}{space 2} .1241115{col 28}{space 2} .0502252{col 39}{space 1}    2.47{col 48}{space 3}0.013{col 56}{space 4} .0256554{col 69}{space 3} .2225675
{txt}{space 11}lev {c |}{col 16}{res}{space 2}-.0428646{col 28}{space 2} .0271872{col 39}{space 1}   -1.58{col 48}{space 3}0.115{col 56}{space 4}-.0961594{col 69}{space 3} .0104301
{txt}{space 6}salesg_w {c |}{col 16}{res}{space 2} .0929694{col 28}{space 2} .0233844{col 39}{space 1}    3.98{col 48}{space 3}0.000{col 56}{space 4} .0471291{col 69}{space 3} .1388096
{txt}{space 11}tsr {c |}{col 16}{res}{space 2} .0268409{col 28}{space 2} .0111243{col 39}{space 1}    2.41{col 48}{space 3}0.016{col 56}{space 4} .0050341{col 69}{space 3} .0486477
{txt}{space 9}union {c |}{col 16}{res}{space 2}-.0160926{col 28}{space 2} .0151818{col 39}{space 1}   -1.06{col 48}{space 3}0.289{col 56}{space 4}-.0458532{col 69}{space 3} .0136681
{txt}{space 12}rd {c |}{col 16}{res}{space 2} .6507091{col 28}{space 2} .1314578{col 39}{space 1}    4.95{col 48}{space 3}0.000{col 56}{space 4} .3930135{col 69}{space 3} .9084047
{txt}{space 9}_cons {c |}{col 16}{res}{space 2} 1.696535{col 28}{space 2} .0507536{col 39}{space 1}   33.43{col 48}{space 3}0.000{col 56}{space 4} 1.597043{col 69}{space 3} 1.796027
{txt}{hline 15}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      195{col 27}{space 1}        0{col 39}{result}{space 1}      195{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est1{txt} stored)

{com}. eststo: xi: reghdfe ln_prod_diff pr_dec_10 pr_dec_1 ln_prod_pre_365 size mtb roa io cash lev salesg_w tsr union rd fixed_assets, absorb(indyr)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     7,580
{txt}Absorbing 1 HDFE group{col 51}F({res}  14{txt},{res}   7370{txt}){col 67}= {res}     42.37
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1380
{txt}{col 51}Adj R-squared{col 67}= {res}    0.1136
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0745
{txt}{col 51}Root MSE{col 67}= {res}    0.3238

{txt}{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}   ln_prod_diff{col 17}{c |}      Coef.{col 29}   Std. Err.{col 41}      t{col 49}   P>|t|{col 57}     [95% Con{col 70}f. Interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}pr_dec_10 {c |}{col 17}{res}{space 2}-.0433285{col 29}{space 2} .0139586{col 40}{space 1}   -3.10{col 49}{space 3}0.002{col 57}{space 4}-.0706913{col 70}{space 3}-.0159656
{txt}{space 7}pr_dec_1 {c |}{col 17}{res}{space 2} .0140567{col 29}{space 2} .0145257{col 40}{space 1}    0.97{col 49}{space 3}0.333{col 57}{space 4}-.0144178{col 70}{space 3} .0425312
{txt}ln_prod_pre_365 {c |}{col 17}{res}{space 2}-.0817125{col 29}{space 2} .0052078{col 40}{space 1}  -15.69{col 49}{space 3}0.000{col 57}{space 4}-.0919213{col 70}{space 3}-.0715038
{txt}{space 11}size {c |}{col 17}{res}{space 2}  .014188{col 29}{space 2} .0028825{col 40}{space 1}    4.92{col 49}{space 3}0.000{col 57}{space 4} .0085376{col 70}{space 3} .0198385
{txt}{space 12}mtb {c |}{col 17}{res}{space 2}  .011771{col 29}{space 2} .0024518{col 40}{space 1}    4.80{col 49}{space 3}0.000{col 57}{space 4} .0069648{col 70}{space 3} .0165771
{txt}{space 12}roa {c |}{col 17}{res}{space 2}-.4270269{col 29}{space 2} .0377518{col 40}{space 1}  -11.31{col 49}{space 3}0.000{col 57}{space 4}-.5010313{col 70}{space 3}-.3530226
{txt}{space 13}io {c |}{col 17}{res}{space 2} .0295905{col 29}{space 2} .0140157{col 40}{space 1}    2.11{col 49}{space 3}0.035{col 57}{space 4} .0021157{col 70}{space 3} .0570652
{txt}{space 11}cash {c |}{col 17}{res}{space 2}-.0456659{col 29}{space 2} .0311606{col 40}{space 1}   -1.47{col 49}{space 3}0.143{col 57}{space 4}-.1067496{col 70}{space 3} .0154179
{txt}{space 12}lev {c |}{col 17}{res}{space 2} .0554788{col 29}{space 2} .0166752{col 40}{space 1}    3.33{col 49}{space 3}0.001{col 57}{space 4} .0227907{col 70}{space 3} .0881668
{txt}{space 7}salesg_w {c |}{col 17}{res}{space 2}-.1106891{col 29}{space 2} .0139397{col 40}{space 1}   -7.94{col 49}{space 3}0.000{col 57}{space 4}-.1380149{col 70}{space 3}-.0833632
{txt}{space 12}tsr {c |}{col 17}{res}{space 2} .0170177{col 29}{space 2} .0067786{col 40}{space 1}    2.51{col 49}{space 3}0.012{col 57}{space 4} .0037297{col 70}{space 3} .0303058
{txt}{space 10}union {c |}{col 17}{res}{space 2}-.0337768{col 29}{space 2} .0095877{col 40}{space 1}   -3.52{col 49}{space 3}0.000{col 57}{space 4}-.0525714{col 70}{space 3}-.0149822
{txt}{space 13}rd {c |}{col 17}{res}{space 2}-.3898718{col 29}{space 2} .0757074{col 40}{space 1}   -5.15{col 49}{space 3}0.000{col 57}{space 4}-.5382799{col 70}{space 3}-.2414636
{txt}{space 3}fixed_assets {c |}{col 17}{res}{space 2}-.0178019{col 29}{space 2} .0256354{col 40}{space 1}   -0.69{col 49}{space 3}0.487{col 57}{space 4}-.0680546{col 70}{space 3} .0324507
{txt}{space 10}_cons {c |}{col 17}{res}{space 2} .4115448{col 29}{space 2} .0367652{col 40}{space 1}   11.19{col 49}{space 3}0.000{col 57}{space 4} .3394744{col 70}{space 3} .4836151
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      196{col 27}{space 1}        0{col 39}{result}{space 1}      196{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est2{txt} stored)

{com}. eststo: xi: reghdfe gd_ceodis_diff_365 pr_dec_10 pr_dec_1 gd_ceodis_pre_365 size mtb roa io cash lev salesg_w tsr union rd ,absorb(indyr)
{res}{txt}(dropped 1 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     7,542
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   7334{txt}){col 67}= {res}    434.01
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4673
{txt}{col 51}Adj R-squared{col 67}= {res}    0.4522
{txt}{col 51}Within R-sq.{col 67}= {res}    0.4348
{txt}{col 51}Root MSE{col 67}= {res}    0.0906

{txt}{hline 18}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_ceodis_dif~365{col 19}{c |}      Coef.{col 31}   Std. Err.{col 43}      t{col 51}   P>|t|{col 59}     [95% Con{col 72}f. Interval]
{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 8}pr_dec_10 {c |}{col 19}{res}{space 2} .0078787{col 31}{space 2} .0037869{col 42}{space 1}    2.08{col 51}{space 3}0.038{col 59}{space 4} .0004552{col 72}{space 3} .0153022
{txt}{space 9}pr_dec_1 {c |}{col 19}{res}{space 2} .0012702{col 31}{space 2} .0044026{col 42}{space 1}    0.29{col 51}{space 3}0.773{col 59}{space 4}-.0073601{col 72}{space 3} .0099005
{txt}gd_ceodis_pre_365 {c |}{col 19}{res}{space 2}-.6693682{col 31}{space 2} .0089335{col 42}{space 1}  -74.93{col 51}{space 3}0.000{col 59}{space 4}-.6868804{col 72}{space 3} -.651856
{txt}{space 13}size {c |}{col 19}{res}{space 2}-.0016963{col 31}{space 2} .0007833{col 42}{space 1}   -2.17{col 51}{space 3}0.030{col 59}{space 4}-.0032317{col 72}{space 3}-.0001609
{txt}{space 14}mtb {c |}{col 19}{res}{space 2}-.0015491{col 31}{space 2} .0007349{col 42}{space 1}   -2.11{col 51}{space 3}0.035{col 59}{space 4}-.0029897{col 72}{space 3}-.0001085
{txt}{space 14}roa {c |}{col 19}{res}{space 2}-.0232222{col 31}{space 2}  .011353{col 42}{space 1}   -2.05{col 51}{space 3}0.041{col 59}{space 4}-.0454773{col 72}{space 3} -.000967
{txt}{space 15}io {c |}{col 19}{res}{space 2}-.0004937{col 31}{space 2} .0031484{col 42}{space 1}   -0.16{col 51}{space 3}0.875{col 59}{space 4}-.0066654{col 72}{space 3} .0056781
{txt}{space 13}cash {c |}{col 19}{res}{space 2} .0021546{col 31}{space 2} .0087283{col 42}{space 1}    0.25{col 51}{space 3}0.805{col 59}{space 4}-.0149553{col 72}{space 3} .0192645
{txt}{space 14}lev {c |}{col 19}{res}{space 2} .0001459{col 31}{space 2}  .004693{col 42}{space 1}    0.03{col 51}{space 3}0.975{col 59}{space 4}-.0090537{col 72}{space 3} .0093454
{txt}{space 9}salesg_w {c |}{col 19}{res}{space 2}-.0128845{col 31}{space 2} .0040463{col 42}{space 1}   -3.18{col 51}{space 3}0.001{col 59}{space 4}-.0208164{col 72}{space 3}-.0049526
{txt}{space 14}tsr {c |}{col 19}{res}{space 2}-.0020055{col 31}{space 2} .0019312{col 42}{space 1}   -1.04{col 51}{space 3}0.299{col 59}{space 4}-.0057913{col 72}{space 3} .0017803
{txt}{space 12}union {c |}{col 19}{res}{space 2} .0068525{col 31}{space 2}  .002645{col 42}{space 1}    2.59{col 51}{space 3}0.010{col 59}{space 4} .0016676{col 72}{space 3} .0120374
{txt}{space 15}rd {c |}{col 19}{res}{space 2}-.0018866{col 31}{space 2} .0226515{col 42}{space 1}   -0.08{col 51}{space 3}0.934{col 59}{space 4}-.0462901{col 72}{space 3} .0425169
{txt}{space 12}_cons {c |}{col 19}{res}{space 2} .0637797{col 31}{space 2} .0074812{col 42}{space 1}    8.53{col 51}{space 3}0.000{col 59}{space 4} .0491144{col 72}{space 3}  .078445
{txt}{hline 18}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      195{col 27}{space 1}        0{col 39}{result}{space 1}      195{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est3{txt} stored)

{com}. eststo: xi: ppmlhdfe words pr_dec_10 pr_dec_1 size mtb roa io cash lev salesg_w tsr union rd, absorb(indyr)
{res}{txt}{col  0}Iteration 1:{txt}{col 16}deviance = {res}4.9610e+05 {col 39}{txt}eps = {res}.        {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}  0.13  {txt}P   
{txt}{col  0}Iteration 2:{txt}{col 16}deviance = {res}4.9463e+05 {col 39}{txt}eps = {res}2.97e-03 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}  0.08  {txt}    
{txt}{col  0}Iteration 3:{txt}{col 16}deviance = {res}4.9463e+05 {col 39}{txt}eps = {res}4.03e-07 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}  0.08  {txt}    
{txt}{col  0}Iteration 4:{txt}{col 16}deviance = {res}4.9463e+05 {col 39}{txt}eps = {res}1.51e-14 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-05{col 82}{txt} min(eta) = {res}  0.08  {txt}    
{txt}{col  0}Iteration 5:{txt}{col 16}deviance = {res}4.9463e+05 {col 39}{txt}eps = {res}0.00e+00 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-08{col 82}{txt} min(eta) = {res}  0.08  {txt} S O
{txt}{hline 108}
{txt}(legend: {res}p{txt}: exact partial-out   {res}s{txt}: exact solver   {res}h{txt}: step-halving   {res}o{txt}: epsilon below tolerance)
{txt}Converged in 5 iterations and 5 HDFE sub-iterations (tol = 1.0e-08)
{res}{txt}
HDFE {help ppmlhdfe##description:PPML} regression{col 51}No. of obs{col 67}={col 69}{res}     8,771
{txt}Absorbing 1 HDFE group{col 51}Residual df{col 67}={col 69}{res}     8,563
{txt}{col 51}Wald chi2({res}12{txt}){col 67}={col 69}{res}    241.25
{txt}Deviance{col 22}={col 24}{res} 494627.0387{txt}{col 51}Prob > chi2{col 67}={col 69}{res}    0.0000
{txt}Log pseudolikelihood ={col 24}{res}-281076.7311{txt}{col 51}Pseudo R2{col 67}={col 69}{res}    0.0750
{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}       words{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 3}pr_dec_10 {c |}{col 14}{res}{space 2} .1032386{col 26}{space 2}   .01638{col 37}{space 1}    6.30{col 46}{space 3}0.000{col 54}{space 4} .0711344{col 67}{space 3} .1353427
{txt}{space 4}pr_dec_1 {c |}{col 14}{res}{space 2}-.0820553{col 26}{space 2} .0158614{col 37}{space 1}   -5.17{col 46}{space 3}0.000{col 54}{space 4} -.113143{col 67}{space 3}-.0509676
{txt}{space 8}size {c |}{col 14}{res}{space 2} .0269055{col 26}{space 2} .0031565{col 37}{space 1}    8.52{col 46}{space 3}0.000{col 54}{space 4} .0207189{col 67}{space 3} .0330921
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0049077{col 26}{space 2} .0026645{col 37}{space 1}    1.84{col 46}{space 3}0.065{col 54}{space 4}-.0003147{col 67}{space 3}   .01013
{txt}{space 9}roa {c |}{col 14}{res}{space 2}-.1293514{col 26}{space 2} .0414967{col 37}{space 1}   -3.12{col 46}{space 3}0.002{col 54}{space 4}-.2106834{col 67}{space 3}-.0480194
{txt}{space 10}io {c |}{col 14}{res}{space 2} -.000109{col 26}{space 2} .0161644{col 37}{space 1}   -0.01{col 46}{space 3}0.995{col 54}{space 4}-.0317905{col 67}{space 3} .0315726
{txt}{space 8}cash {c |}{col 14}{res}{space 2} .0628707{col 26}{space 2} .0330088{col 37}{space 1}    1.90{col 46}{space 3}0.057{col 54}{space 4}-.0018253{col 67}{space 3} .1275666
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.0030372{col 26}{space 2}   .01808{col 37}{space 1}   -0.17{col 46}{space 3}0.867{col 54}{space 4}-.0384734{col 67}{space 3}  .032399
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2} .0103542{col 26}{space 2} .0138835{col 37}{space 1}    0.75{col 46}{space 3}0.456{col 54}{space 4} -.016857{col 67}{space 3} .0375653
{txt}{space 9}tsr {c |}{col 14}{res}{space 2}-.0246753{col 26}{space 2} .0058385{col 37}{space 1}   -4.23{col 46}{space 3}0.000{col 54}{space 4}-.0361185{col 67}{space 3}-.0132322
{txt}{space 7}union {c |}{col 14}{res}{space 2} .0082628{col 26}{space 2}  .010676{col 37}{space 1}    0.77{col 46}{space 3}0.439{col 54}{space 4}-.0126618{col 67}{space 3} .0291875
{txt}{space 10}rd {c |}{col 14}{res}{space 2} .0117225{col 26}{space 2} .0745339{col 37}{space 1}    0.16{col 46}{space 3}0.875{col 54}{space 4}-.1343612{col 67}{space 3} .1578062
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 5.713572{col 26}{space 2} .0298943{col 37}{space 1}  191.13{col 46}{space 3}0.000{col 54}{space 4}  5.65498{col 67}{space 3} 5.772164
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      196{col 27}{space 1}        0{col 39}{result}{space 1}      196{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est4{txt} stored)

{com}. eststo: xi: ppmlhdfe spin_num pr_dec_10 pr_dec_1 size mtb roa io cash lev salesg_w tsr union rd, absorb(indyr)
{res}{txt}(dropped 74 observations that are either {browse "http://scorreia.com/research/singletons.pdf":singletons} or {browse "http://scorreia.com/research/separation.pdf":separated} by a fixed effect)
{res}{txt}{col  0}Iteration 1:{txt}{col 16}deviance = {res}1.6213e+04 {col 39}{txt}eps = {res}.        {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -4.37  {txt}P   
{txt}{col  0}Iteration 2:{txt}{col 16}deviance = {res}1.4526e+04 {col 39}{txt}eps = {res}1.16e-01 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -4.69  {txt}    
{txt}{col  0}Iteration 3:{txt}{col 16}deviance = {res}1.4402e+04 {col 39}{txt}eps = {res}8.58e-03 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -4.79  {txt}    
{txt}{col  0}Iteration 4:{txt}{col 16}deviance = {res}1.4398e+04 {col 39}{txt}eps = {res}2.69e-04 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -4.82  {txt}    
{txt}{col  0}Iteration 5:{txt}{col 16}deviance = {res}1.4398e+04 {col 39}{txt}eps = {res}1.55e-05 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -4.82  {txt}    
{txt}{col  0}Iteration 6:{txt}{col 16}deviance = {res}1.4398e+04 {col 39}{txt}eps = {res}1.68e-07 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-05{col 82}{txt} min(eta) = {res} -4.82  {txt}    
{txt}{col  0}Iteration 7:{txt}{col 16}deviance = {res}1.4398e+04 {col 39}{txt}eps = {res}2.34e-11 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-06{col 82}{txt} min(eta) = {res} -4.82  {txt} S O
{txt}{hline 108}
{txt}(legend: {res}p{txt}: exact partial-out   {res}s{txt}: exact solver   {res}h{txt}: step-halving   {res}o{txt}: epsilon below tolerance)
{txt}Converged in 7 iterations and 7 HDFE sub-iterations (tol = 1.0e-08)
{res}{txt}
HDFE {help ppmlhdfe##description:PPML} regression{col 51}No. of obs{col 67}={col 69}{res}     8,697
{txt}Absorbing 1 HDFE group{col 51}Residual df{col 67}={col 69}{res}     8,504
{txt}{col 51}Wald chi2({res}12{txt}){col 67}={col 69}{res}    234.68
{txt}Deviance{col 22}={col 24}{res}  14398.0921{txt}{col 51}Prob > chi2{col 67}={col 69}{res}    0.0000
{txt}Log pseudolikelihood ={col 24}{res}-9390.628516{txt}{col 51}Pseudo R2{col 67}={col 69}{res}    0.0662
{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}    spin_num{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 3}pr_dec_10 {c |}{col 14}{res}{space 2} .5332192{col 26}{space 2} .0853149{col 37}{space 1}    6.25{col 46}{space 3}0.000{col 54}{space 4} .3660051{col 67}{space 3} .7004333
{txt}{space 4}pr_dec_1 {c |}{col 14}{res}{space 2}-.1919233{col 26}{space 2} .1398839{col 37}{space 1}   -1.37{col 46}{space 3}0.170{col 54}{space 4}-.4660907{col 67}{space 3}  .082244
{txt}{space 8}size {c |}{col 14}{res}{space 2}  .191753{col 26}{space 2} .0210101{col 37}{space 1}    9.13{col 46}{space 3}0.000{col 54}{space 4}  .150574{col 67}{space 3}  .232932
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0609902{col 26}{space 2} .0141844{col 37}{space 1}    4.30{col 46}{space 3}0.000{col 54}{space 4} .0331892{col 67}{space 3} .0887911
{txt}{space 9}roa {c |}{col 14}{res}{space 2} .4899525{col 26}{space 2} .2267578{col 37}{space 1}    2.16{col 46}{space 3}0.031{col 54}{space 4} .0455153{col 67}{space 3} .9343896
{txt}{space 10}io {c |}{col 14}{res}{space 2}  .043178{col 26}{space 2} .0470791{col 37}{space 1}    0.92{col 46}{space 3}0.359{col 54}{space 4}-.0490953{col 67}{space 3} .1354513
{txt}{space 8}cash {c |}{col 14}{res}{space 2} .5265054{col 26}{space 2} .2564033{col 37}{space 1}    2.05{col 46}{space 3}0.040{col 54}{space 4} .0239643{col 67}{space 3} 1.029047
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.3632431{col 26}{space 2} .1175592{col 37}{space 1}   -3.09{col 46}{space 3}0.002{col 54}{space 4}-.5936548{col 67}{space 3}-.1328314
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2}-.0466743{col 26}{space 2} .1159541{col 37}{space 1}   -0.40{col 46}{space 3}0.687{col 54}{space 4}-.2739402{col 67}{space 3} .1805916
{txt}{space 9}tsr {c |}{col 14}{res}{space 2}-.0036816{col 26}{space 2} .0252778{col 37}{space 1}   -0.15{col 46}{space 3}0.884{col 54}{space 4}-.0532252{col 67}{space 3}  .045862
{txt}{space 7}union {c |}{col 14}{res}{space 2}-.0201515{col 26}{space 2} .0848226{col 37}{space 1}   -0.24{col 46}{space 3}0.812{col 54}{space 4}-.1864007{col 67}{space 3} .1460977
{txt}{space 10}rd {c |}{col 14}{res}{space 2} .5202629{col 26}{space 2} .3466483{col 37}{space 1}    1.50{col 46}{space 3}0.133{col 54}{space 4}-.1591553{col 67}{space 3} 1.199681
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-2.464454{col 26}{space 2} .1897057{col 37}{space 1}  -12.99{col 46}{space 3}0.000{col 54}{space 4} -2.83627{col 67}{space 3}-2.092637
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      181{col 27}{space 1}        0{col 39}{result}{space 1}      181{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est5{txt} stored)

{com}. eststo: xi: ppmlhdfe explain_num pr_dec_10 pr_dec_1 size mtb roa io cash lev salesg_w tsr union rd, absorb(indyr)
{res}{txt}{col  0}Iteration 1:{txt}{col 16}deviance = {res}1.0056e+04 {col 39}{txt}eps = {res}.        {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -1.20  {txt}P   
{txt}{col  0}Iteration 2:{txt}{col 16}deviance = {res}9.9408e+03 {col 39}{txt}eps = {res}1.16e-02 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -1.65  {txt}    
{txt}{col  0}Iteration 3:{txt}{col 16}deviance = {res}9.9405e+03 {col 39}{txt}eps = {res}3.58e-05 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -1.78  {txt}    
{txt}{col  0}Iteration 4:{txt}{col 16}deviance = {res}9.9405e+03 {col 39}{txt}eps = {res}1.24e-08 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-05{col 82}{txt} min(eta) = {res} -1.79  {txt}    
{txt}{col  0}Iteration 5:{txt}{col 16}deviance = {res}9.9405e+03 {col 39}{txt}eps = {res}2.25e-13 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-06{col 82}{txt} min(eta) = {res} -1.79  {txt} S O
{txt}{hline 108}
{txt}(legend: {res}p{txt}: exact partial-out   {res}s{txt}: exact solver   {res}h{txt}: step-halving   {res}o{txt}: epsilon below tolerance)
{txt}Converged in 5 iterations and 5 HDFE sub-iterations (tol = 1.0e-08)
{res}{txt}
HDFE {help ppmlhdfe##description:PPML} regression{col 51}No. of obs{col 67}={col 69}{res}     8,771
{txt}Absorbing 1 HDFE group{col 51}Residual df{col 67}={col 69}{res}     8,563
{txt}{col 51}Wald chi2({res}12{txt}){col 67}={col 69}{res}    152.80
{txt}Deviance{col 22}={col 24}{res} 9940.455739{txt}{col 51}Prob > chi2{col 67}={col 69}{res}    0.0000
{txt}Log pseudolikelihood ={col 24}{res} -12251.9043{txt}{col 51}Pseudo R2{col 67}={col 69}{res}    0.0286
{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1} explain_num{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 3}pr_dec_10 {c |}{col 14}{res}{space 2} .1918789{col 26}{space 2} .0313918{col 37}{space 1}    6.11{col 46}{space 3}0.000{col 54}{space 4} .1303521{col 67}{space 3} .2534057
{txt}{space 4}pr_dec_1 {c |}{col 14}{res}{space 2}-.2217046{col 26}{space 2} .0386726{col 37}{space 1}   -5.73{col 46}{space 3}0.000{col 54}{space 4}-.2975015{col 67}{space 3}-.1459077
{txt}{space 8}size {c |}{col 14}{res}{space 2} .0223256{col 26}{space 2} .0069941{col 37}{space 1}    3.19{col 46}{space 3}0.001{col 54}{space 4} .0086174{col 67}{space 3} .0360339
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0162464{col 26}{space 2}  .005623{col 37}{space 1}    2.89{col 46}{space 3}0.004{col 54}{space 4} .0052255{col 67}{space 3} .0272673
{txt}{space 9}roa {c |}{col 14}{res}{space 2}-.2019394{col 26}{space 2} .0683574{col 37}{space 1}   -2.95{col 46}{space 3}0.003{col 54}{space 4}-.3359174{col 67}{space 3}-.0679613
{txt}{space 10}io {c |}{col 14}{res}{space 2} -.004852{col 26}{space 2} .0315292{col 37}{space 1}   -0.15{col 46}{space 3}0.878{col 54}{space 4} -.066648{col 67}{space 3} .0569441
{txt}{space 8}cash {c |}{col 14}{res}{space 2} .1925254{col 26}{space 2} .0737987{col 37}{space 1}    2.61{col 46}{space 3}0.009{col 54}{space 4} .0478826{col 67}{space 3} .3371682
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.0527845{col 26}{space 2} .0403486{col 37}{space 1}   -1.31{col 46}{space 3}0.191{col 54}{space 4}-.1318663{col 67}{space 3} .0262974
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2} .1102611{col 26}{space 2}  .029686{col 37}{space 1}    3.71{col 46}{space 3}0.000{col 54}{space 4} .0520776{col 67}{space 3} .1684446
{txt}{space 9}tsr {c |}{col 14}{res}{space 2}-.0413654{col 26}{space 2} .0151396{col 37}{space 1}   -2.73{col 46}{space 3}0.006{col 54}{space 4}-.0710385{col 67}{space 3}-.0116923
{txt}{space 7}union {c |}{col 14}{res}{space 2} .0402946{col 26}{space 2}  .023709{col 37}{space 1}    1.70{col 46}{space 3}0.089{col 54}{space 4}-.0061741{col 67}{space 3} .0867634
{txt}{space 10}rd {c |}{col 14}{res}{space 2} .1847719{col 26}{space 2}  .162281{col 37}{space 1}    1.14{col 46}{space 3}0.255{col 54}{space 4} -.133293{col 67}{space 3} .5028367
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-.0079509{col 26}{space 2} .0656207{col 37}{space 1}   -0.12{col 46}{space 3}0.904{col 54}{space 4}-.1365651{col 67}{space 3} .1206634
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      196{col 27}{space 1}        0{col 39}{result}{space 1}      196{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est6{txt} stored)

{com}. eststo: xi: ppmlhdfe suppl_num pr_dec_10 pr_dec_1 size mtb roa io cash lev salesg_w tsr union rd, absorb(indyr)
{res}{txt}(dropped 309 observations that are either {browse "http://scorreia.com/research/singletons.pdf":singletons} or {browse "http://scorreia.com/research/separation.pdf":separated} by a fixed effect)
{res}{txt}{col  0}Iteration 1:{txt}{col 16}deviance = {res}4.0273e+03 {col 39}{txt}eps = {res}.        {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -7.39  {txt}P   
{txt}{col  0}Iteration 2:{txt}{col 16}deviance = {res}3.5871e+03 {col 39}{txt}eps = {res}1.23e-01 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -9.05  {txt}    
{txt}{col  0}Iteration 3:{txt}{col 16}deviance = {res}3.5556e+03 {col 39}{txt}eps = {res}8.87e-03 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-10.13  {txt}    
{txt}{col  0}Iteration 4:{txt}{col 16}deviance = {res}3.5552e+03 {col 39}{txt}eps = {res}1.10e-04 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-10.32  {txt}    
{txt}{col  0}Iteration 5:{txt}{col 16}deviance = {res}3.5552e+03 {col 39}{txt}eps = {res}6.32e-08 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-10.32  {txt}    
{txt}{col  0}Iteration 6:{txt}{col 16}deviance = {res}3.5552e+03 {col 39}{txt}eps = {res}8.74e-14 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-05{col 82}{txt} min(eta) = {res}-10.32  {txt} S O
{txt}{hline 108}
{txt}(legend: {res}p{txt}: exact partial-out   {res}s{txt}: exact solver   {res}h{txt}: step-halving   {res}o{txt}: epsilon below tolerance)
{txt}Converged in 6 iterations and 6 HDFE sub-iterations (tol = 1.0e-08)
{res}{txt}
HDFE {help ppmlhdfe##description:PPML} regression{col 51}No. of obs{col 67}={col 69}{res}     8,462
{txt}Absorbing 1 HDFE group{col 51}Residual df{col 67}={col 69}{res}     8,294
{txt}{col 51}Wald chi2({res}12{txt}){col 67}={col 69}{res}    320.92
{txt}Deviance{col 22}={col 24}{res} 3555.170995{txt}{col 51}Prob > chi2{col 67}={col 69}{res}    0.0000
{txt}Log pseudolikelihood ={col 24}{res}-2637.021252{txt}{col 51}Pseudo R2{col 67}={col 69}{res}    0.0854
{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}   suppl_num{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 3}pr_dec_10 {c |}{col 14}{res}{space 2} 1.281644{col 26}{space 2} .0843284{col 37}{space 1}   15.20{col 46}{space 3}0.000{col 54}{space 4} 1.116364{col 67}{space 3} 1.446925
{txt}{space 4}pr_dec_1 {c |}{col 14}{res}{space 2}-.6158359{col 26}{space 2} .1810689{col 37}{space 1}   -3.40{col 46}{space 3}0.001{col 54}{space 4}-.9707245{col 67}{space 3}-.2609473
{txt}{space 8}size {c |}{col 14}{res}{space 2}-.0185913{col 26}{space 2} .0242343{col 37}{space 1}   -0.77{col 46}{space 3}0.443{col 54}{space 4}-.0660897{col 67}{space 3} .0289071
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0134983{col 26}{space 2} .0225202{col 37}{space 1}    0.60{col 46}{space 3}0.549{col 54}{space 4}-.0306404{col 67}{space 3} .0576371
{txt}{space 9}roa {c |}{col 14}{res}{space 2} .8566886{col 26}{space 2} .3166961{col 37}{space 1}    2.71{col 46}{space 3}0.007{col 54}{space 4} .2359757{col 67}{space 3} 1.477402
{txt}{space 10}io {c |}{col 14}{res}{space 2}-.0071119{col 26}{space 2} .0535586{col 37}{space 1}   -0.13{col 46}{space 3}0.894{col 54}{space 4}-.1120848{col 67}{space 3} .0978611
{txt}{space 8}cash {c |}{col 14}{res}{space 2} .4120367{col 26}{space 2}   .24653{col 37}{space 1}    1.67{col 46}{space 3}0.095{col 54}{space 4}-.0711532{col 67}{space 3} .8952265
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.2086011{col 26}{space 2} .1353638{col 37}{space 1}   -1.54{col 46}{space 3}0.123{col 54}{space 4}-.4739094{col 67}{space 3} .0567071
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2}-.0575907{col 26}{space 2} .1592141{col 37}{space 1}   -0.36{col 46}{space 3}0.718{col 54}{space 4}-.3696446{col 67}{space 3} .2544632
{txt}{space 9}tsr {c |}{col 14}{res}{space 2}-.2449911{col 26}{space 2}  .094056{col 37}{space 1}   -2.60{col 46}{space 3}0.009{col 54}{space 4}-.4293376{col 67}{space 3}-.0606447
{txt}{space 7}union {c |}{col 14}{res}{space 2} .0214576{col 26}{space 2} .0758827{col 37}{space 1}    0.28{col 46}{space 3}0.777{col 54}{space 4}-.1272698{col 67}{space 3}  .170185
{txt}{space 10}rd {c |}{col 14}{res}{space 2}-.3435296{col 26}{space 2}  .755281{col 37}{space 1}   -0.45{col 46}{space 3}0.649{col 54}{space 4}-1.823853{col 67}{space 3} 1.136794
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-2.225704{col 26}{space 2} .2159579{col 37}{space 1}  -10.31{col 46}{space 3}0.000{col 54}{space 4}-2.648973{col 67}{space 3}-1.802434
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      156{col 27}{space 1}        0{col 39}{result}{space 1}      156{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est7{txt} stored)

{com}. eststo: xi: ppmlhdfe tout_num pr_dec_10 pr_dec_1 size mtb roa io cash lev salesg_w tsr union rd, absorb(indyr)
{res}{txt}(dropped 884 observations that are either {browse "http://scorreia.com/research/singletons.pdf":singletons} or {browse "http://scorreia.com/research/separation.pdf":separated} by a fixed effect)
{res}{txt}{col  0}Iteration 1:{txt}{col 16}deviance = {res}4.6963e+03 {col 39}{txt}eps = {res}.        {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -9.56  {txt}P   
{txt}{col  0}Iteration 2:{txt}{col 16}deviance = {res}3.8946e+03 {col 39}{txt}eps = {res}2.06e-01 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-11.54  {txt}    
{txt}{col  0}Iteration 3:{txt}{col 16}deviance = {res}3.7968e+03 {col 39}{txt}eps = {res}2.58e-02 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-13.27  {txt}    
{txt}{col  0}Iteration 4:{txt}{col 16}deviance = {res}3.7932e+03 {col 39}{txt}eps = {res}9.37e-04 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-13.79  {txt}    
{txt}{col  0}Iteration 5:{txt}{col 16}deviance = {res}3.7932e+03 {col 39}{txt}eps = {res}3.08e-06 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-13.81  {txt}    
{txt}{col  0}Iteration 6:{txt}{col 16}deviance = {res}3.7932e+03 {col 39}{txt}eps = {res}1.06e-10 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-05{col 82}{txt} min(eta) = {res}-13.81  {txt} S O
{txt}{hline 108}
{txt}(legend: {res}p{txt}: exact partial-out   {res}s{txt}: exact solver   {res}h{txt}: step-halving   {res}o{txt}: epsilon below tolerance)
{txt}Converged in 6 iterations and 6 HDFE sub-iterations (tol = 1.0e-08)
{res}{txt}
HDFE {help ppmlhdfe##description:PPML} regression{col 51}No. of obs{col 67}={col 69}{res}     7,887
{txt}Absorbing 1 HDFE group{col 51}Residual df{col 67}={col 69}{res}     7,745
{txt}{col 51}Wald chi2({res}12{txt}){col 67}={col 69}{res}     93.23
{txt}Deviance{col 22}={col 24}{res} 3793.210792{txt}{col 51}Prob > chi2{col 67}={col 69}{res}    0.0000
{txt}Log pseudolikelihood ={col 24}{res}-2490.102103{txt}{col 51}Pseudo R2{col 67}={col 69}{res}    0.0736
{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}    tout_num{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 3}pr_dec_10 {c |}{col 14}{res}{space 2}-.7058979{col 26}{space 2} .2506807{col 37}{space 1}   -2.82{col 46}{space 3}0.005{col 54}{space 4}-1.197223{col 67}{space 3}-.2145726
{txt}{space 4}pr_dec_1 {c |}{col 14}{res}{space 2} .2990765{col 26}{space 2}  .137467{col 37}{space 1}    2.18{col 46}{space 3}0.030{col 54}{space 4}  .029646{col 67}{space 3} .5685069
{txt}{space 8}size {c |}{col 14}{res}{space 2} -.093764{col 26}{space 2} .0343211{col 37}{space 1}   -2.73{col 46}{space 3}0.006{col 54}{space 4}-.1610321{col 67}{space 3}-.0264959
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0476406{col 26}{space 2} .0234946{col 37}{space 1}    2.03{col 46}{space 3}0.043{col 54}{space 4} .0015919{col 67}{space 3} .0936892
{txt}{space 9}roa {c |}{col 14}{res}{space 2}-.4735256{col 26}{space 2}  .203208{col 37}{space 1}   -2.33{col 46}{space 3}0.020{col 54}{space 4}-.8718061{col 67}{space 3}-.0752452
{txt}{space 10}io {c |}{col 14}{res}{space 2}-.5521763{col 26}{space 2} .2123021{col 37}{space 1}   -2.60{col 46}{space 3}0.009{col 54}{space 4}-.9682808{col 67}{space 3}-.1360719
{txt}{space 8}cash {c |}{col 14}{res}{space 2}-.7364855{col 26}{space 2} .3679115{col 37}{space 1}   -2.00{col 46}{space 3}0.045{col 54}{space 4}-1.457579{col 67}{space 3}-.0153922
{txt}{space 9}lev {c |}{col 14}{res}{space 2} -.474248{col 26}{space 2} .2354321{col 37}{space 1}   -2.01{col 46}{space 3}0.044{col 54}{space 4}-.9356864{col 67}{space 3}-.0128095
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2} .0215066{col 26}{space 2} .1387589{col 37}{space 1}    0.15{col 46}{space 3}0.877{col 54}{space 4}-.2504558{col 67}{space 3}  .293469
{txt}{space 9}tsr {c |}{col 14}{res}{space 2} .0296864{col 26}{space 2}  .033583{col 37}{space 1}    0.88{col 46}{space 3}0.377{col 54}{space 4}-.0361351{col 67}{space 3} .0955078
{txt}{space 7}union {c |}{col 14}{res}{space 2}-.0751924{col 26}{space 2} .1132694{col 37}{space 1}   -0.66{col 46}{space 3}0.507{col 54}{space 4}-.2971964{col 67}{space 3} .1468116
{txt}{space 10}rd {c |}{col 14}{res}{space 2}-.9417617{col 26}{space 2}   .72449{col 37}{space 1}   -1.30{col 46}{space 3}0.194{col 54}{space 4}-2.361736{col 67}{space 3} .4782126
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-.7150804{col 26}{space 2} .3167638{col 37}{space 1}   -2.26{col 46}{space 3}0.024{col 54}{space 4}-1.335926{col 67}{space 3}-.0942348
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      130{col 27}{space 1}        0{col 39}{result}{space 1}      130{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est8{txt} stored)

{com}. esttab using "Output/Tables/RF/TIA13_deciles_robust.csv", b(3) ar2 pr2 varwidth(25) title("Decile PR Robustness") order(pr_dec_10 pr_dec_1) drop(gd_pay_pre_365 ln_prod_pre_365 gd_ceodis_pre_365 size mtb roa io cash lev salesg_w tsr union rd fixed_assets) star(* 0.10 ** 0.05  *** 0.01 ) replace
{res}{txt}(output written to {browse  `"Output/Tables/RF/TIA13_deciles_robust.csv"'})

{com}. 
. ********************************
. *Panel B: Quintiles
. ********************************
. est clear
{txt}
{com}. eststo: xi: reghdfe gd_pay_diff_365 pr_quint_5 pr_quint_1  gd_pay_pre_365 size mtb roa io cash lev salesg_w tsr union rd ,absorb(indyr)
{res}{txt}(dropped 1 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     7,455
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   7247{txt}){col 67}= {res}    291.19
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.3637
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3456
{txt}{col 51}Within R-sq.{col 67}= {res}    0.3431
{txt}{col 51}Root MSE{col 67}= {res}    0.5167

{txt}{hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_pay_dif~365{col 16}{c |}      Coef.{col 28}   Std. Err.{col 40}      t{col 48}   P>|t|{col 56}     [95% Con{col 69}f. Interval]
{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}pr_quint_5 {c |}{col 16}{res}{space 2}-.0795247{col 28}{space 2}  .017629{col 39}{space 1}   -4.51{col 48}{space 3}0.000{col 56}{space 4}-.1140826{col 69}{space 3}-.0449667
{txt}{space 4}pr_quint_1 {c |}{col 16}{res}{space 2} .0524336{col 28}{space 2} .0193228{col 39}{space 1}    2.71{col 48}{space 3}0.007{col 56}{space 4} .0145552{col 69}{space 3} .0903119
{txt}gd_pay_pre_365 {c |}{col 16}{res}{space 2} -.646684{col 28}{space 2} .0105489{col 39}{space 1}  -61.30{col 48}{space 3}0.000{col 56}{space 4}-.6673629{col 69}{space 3} -.626005
{txt}{space 10}size {c |}{col 16}{res}{space 2} .0645673{col 28}{space 2}  .004997{col 39}{space 1}   12.92{col 48}{space 3}0.000{col 56}{space 4} .0547717{col 69}{space 3} .0743629
{txt}{space 11}mtb {c |}{col 16}{res}{space 2} .0145861{col 28}{space 2} .0042528{col 39}{space 1}    3.43{col 48}{space 3}0.001{col 56}{space 4} .0062495{col 69}{space 3} .0229228
{txt}{space 11}roa {c |}{col 16}{res}{space 2} .1149777{col 28}{space 2} .0668239{col 39}{space 1}    1.72{col 48}{space 3}0.085{col 56}{space 4}-.0160167{col 69}{space 3} .2459721
{txt}{space 12}io {c |}{col 16}{res}{space 2} .0425128{col 28}{space 2} .0180469{col 39}{space 1}    2.36{col 48}{space 3}0.019{col 56}{space 4} .0071357{col 69}{space 3} .0778899
{txt}{space 10}cash {c |}{col 16}{res}{space 2} .1233299{col 28}{space 2} .0502619{col 39}{space 1}    2.45{col 48}{space 3}0.014{col 56}{space 4} .0248019{col 69}{space 3} .2218579
{txt}{space 11}lev {c |}{col 16}{res}{space 2}-.0386404{col 28}{space 2} .0271935{col 39}{space 1}   -1.42{col 48}{space 3}0.155{col 56}{space 4}-.0919475{col 69}{space 3} .0146668
{txt}{space 6}salesg_w {c |}{col 16}{res}{space 2} .0890978{col 28}{space 2}  .023389{col 39}{space 1}    3.81{col 48}{space 3}0.000{col 56}{space 4} .0432486{col 69}{space 3} .1349471
{txt}{space 11}tsr {c |}{col 16}{res}{space 2} .0268699{col 28}{space 2}  .011113{col 39}{space 1}    2.42{col 48}{space 3}0.016{col 56}{space 4} .0050851{col 69}{space 3} .0486546
{txt}{space 9}union {c |}{col 16}{res}{space 2}-.0146709{col 28}{space 2} .0151818{col 39}{space 1}   -0.97{col 48}{space 3}0.334{col 56}{space 4}-.0444316{col 69}{space 3} .0150898
{txt}{space 12}rd {c |}{col 16}{res}{space 2} .6387196{col 28}{space 2} .1314483{col 39}{space 1}    4.86{col 48}{space 3}0.000{col 56}{space 4} .3810427{col 69}{space 3} .8963966
{txt}{space 9}_cons {c |}{col 16}{res}{space 2} 1.648905{col 28}{space 2} .0528906{col 39}{space 1}   31.18{col 48}{space 3}0.000{col 56}{space 4} 1.545225{col 69}{space 3} 1.752586
{txt}{hline 15}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      195{col 27}{space 1}        0{col 39}{result}{space 1}      195{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est1{txt} stored)

{com}. eststo: xi: reghdfe ln_prod_diff pr_quint_5 pr_quint_1 ln_prod_pre_365 size mtb roa io cash lev salesg_w tsr union rd fixed_assets ,absorb(indyr)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     7,580
{txt}Absorbing 1 HDFE group{col 51}F({res}  14{txt},{res}   7370{txt}){col 67}= {res}     42.55
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1383
{txt}{col 51}Adj R-squared{col 67}= {res}    0.1139
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0748
{txt}{col 51}Root MSE{col 67}= {res}    0.3237

{txt}{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}   ln_prod_diff{col 17}{c |}      Coef.{col 29}   Std. Err.{col 41}      t{col 49}   P>|t|{col 57}     [95% Con{col 70}f. Interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 5}pr_quint_5 {c |}{col 17}{res}{space 2}-.0370732{col 29}{space 2} .0114409{col 40}{space 1}   -3.24{col 49}{space 3}0.001{col 57}{space 4}-.0595007{col 70}{space 3}-.0146457
{txt}{space 5}pr_quint_1 {c |}{col 17}{res}{space 2} .0180811{col 29}{space 2} .0116429{col 40}{space 1}    1.55{col 49}{space 3}0.120{col 57}{space 4}-.0047424{col 70}{space 3} .0409046
{txt}ln_prod_pre_365 {c |}{col 17}{res}{space 2}-.0830875{col 29}{space 2} .0052694{col 40}{space 1}  -15.77{col 49}{space 3}0.000{col 57}{space 4} -.093417{col 70}{space 3}-.0727581
{txt}{space 11}size {c |}{col 17}{res}{space 2}  .017001{col 29}{space 2} .0031643{col 40}{space 1}    5.37{col 49}{space 3}0.000{col 57}{space 4} .0107982{col 70}{space 3} .0232039
{txt}{space 12}mtb {c |}{col 17}{res}{space 2}  .012058{col 29}{space 2} .0024542{col 40}{space 1}    4.91{col 49}{space 3}0.000{col 57}{space 4} .0072471{col 70}{space 3} .0168689
{txt}{space 12}roa {c |}{col 17}{res}{space 2}-.4218496{col 29}{space 2} .0378149{col 40}{space 1}  -11.16{col 49}{space 3}0.000{col 57}{space 4}-.4959776{col 70}{space 3}-.3477216
{txt}{space 13}io {c |}{col 17}{res}{space 2} .0306681{col 29}{space 2} .0140641{col 40}{space 1}    2.18{col 49}{space 3}0.029{col 57}{space 4} .0030985{col 70}{space 3} .0582378
{txt}{space 11}cash {c |}{col 17}{res}{space 2} -.048151{col 29}{space 2}  .031144{col 40}{space 1}   -1.55{col 49}{space 3}0.122{col 57}{space 4}-.1092021{col 70}{space 3} .0129001
{txt}{space 12}lev {c |}{col 17}{res}{space 2} .0575508{col 29}{space 2} .0167008{col 40}{space 1}    3.45{col 49}{space 3}0.001{col 57}{space 4} .0248124{col 70}{space 3} .0902892
{txt}{space 7}salesg_w {c |}{col 17}{res}{space 2}-.1117138{col 29}{space 2} .0139311{col 40}{space 1}   -8.02{col 49}{space 3}0.000{col 57}{space 4}-.1390228{col 70}{space 3}-.0844047
{txt}{space 12}tsr {c |}{col 17}{res}{space 2} .0171409{col 29}{space 2} .0067741{col 40}{space 1}    2.53{col 49}{space 3}0.011{col 57}{space 4} .0038618{col 70}{space 3}   .03042
{txt}{space 10}union {c |}{col 17}{res}{space 2}-.0338788{col 29}{space 2} .0095851{col 40}{space 1}   -3.53{col 49}{space 3}0.000{col 57}{space 4}-.0526683{col 70}{space 3}-.0150893
{txt}{space 13}rd {c |}{col 17}{res}{space 2}-.3912541{col 29}{space 2} .0756476{col 40}{space 1}   -5.17{col 49}{space 3}0.000{col 57}{space 4}-.5395449{col 70}{space 3}-.2429632
{txt}{space 3}fixed_assets {c |}{col 17}{res}{space 2}-.0200947{col 29}{space 2}  .025641{col 40}{space 1}   -0.78{col 49}{space 3}0.433{col 57}{space 4}-.0703584{col 70}{space 3}  .030169
{txt}{space 10}_cons {c |}{col 17}{res}{space 2} .3964949{col 29}{space 2} .0373182{col 40}{space 1}   10.62{col 49}{space 3}0.000{col 57}{space 4} .3233407{col 70}{space 3} .4696492
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      196{col 27}{space 1}        0{col 39}{result}{space 1}      196{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est2{txt} stored)

{com}. eststo: xi: reghdfe gd_ceodis_diff_365 pr_quint_5 pr_quint_1 gd_ceodis_pre_365 size mtb roa io cash lev salesg_w tsr union rd ,absorb(indyr)
{res}{txt}(dropped 1 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     7,542
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   7334{txt}){col 67}= {res}    434.04
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4673
{txt}{col 51}Adj R-squared{col 67}= {res}    0.4522
{txt}{col 51}Within R-sq.{col 67}= {res}    0.4348
{txt}{col 51}Root MSE{col 67}= {res}    0.0906

{txt}{hline 18}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_ceodis_dif~365{col 19}{c |}      Coef.{col 31}   Std. Err.{col 43}      t{col 51}   P>|t|{col 59}     [95% Con{col 72}f. Interval]
{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 7}pr_quint_5 {c |}{col 19}{res}{space 2} .0065785{col 31}{space 2}  .003069{col 42}{space 1}    2.14{col 51}{space 3}0.032{col 59}{space 4} .0005623{col 72}{space 3} .0125947
{txt}{space 7}pr_quint_1 {c |}{col 19}{res}{space 2} .0004684{col 31}{space 2} .0033446{col 42}{space 1}    0.14{col 51}{space 3}0.889{col 59}{space 4}-.0060879{col 72}{space 3} .0070247
{txt}gd_ceodis_pre_365 {c |}{col 19}{res}{space 2}-.6694382{col 31}{space 2} .0089339{col 42}{space 1}  -74.93{col 51}{space 3}0.000{col 59}{space 4}-.6869511{col 72}{space 3}-.6519252
{txt}{space 13}size {c |}{col 19}{res}{space 2} -.002014{col 31}{space 2} .0008477{col 42}{space 1}   -2.38{col 51}{space 3}0.018{col 59}{space 4}-.0036758{col 72}{space 3}-.0003523
{txt}{space 14}mtb {c |}{col 19}{res}{space 2}-.0015517{col 31}{space 2} .0007355{col 42}{space 1}   -2.11{col 51}{space 3}0.035{col 59}{space 4}-.0029935{col 72}{space 3}-.0001098
{txt}{space 14}roa {c |}{col 19}{res}{space 2}-.0237397{col 31}{space 2} .0113616{col 42}{space 1}   -2.09{col 51}{space 3}0.037{col 59}{space 4}-.0460116{col 72}{space 3}-.0014678
{txt}{space 15}io {c |}{col 19}{res}{space 2}-.0004322{col 31}{space 2} .0031541{col 42}{space 1}   -0.14{col 51}{space 3}0.891{col 59}{space 4}-.0066151{col 72}{space 3} .0057508
{txt}{space 13}cash {c |}{col 19}{res}{space 2}  .002158{col 31}{space 2} .0087361{col 42}{space 1}    0.25{col 51}{space 3}0.805{col 59}{space 4}-.0149672{col 72}{space 3} .0192832
{txt}{space 14}lev {c |}{col 19}{res}{space 2}-.0000404{col 31}{space 2} .0046978{col 42}{space 1}   -0.01{col 51}{space 3}0.993{col 59}{space 4}-.0092494{col 72}{space 3} .0091686
{txt}{space 9}salesg_w {c |}{col 19}{res}{space 2}-.0126221{col 31}{space 2} .0040495{col 42}{space 1}   -3.12{col 51}{space 3}0.002{col 59}{space 4}-.0205602{col 72}{space 3} -.004684
{txt}{space 14}tsr {c |}{col 19}{res}{space 2}-.0020521{col 31}{space 2} .0019305{col 42}{space 1}   -1.06{col 51}{space 3}0.288{col 59}{space 4}-.0058365{col 72}{space 3} .0017324
{txt}{space 12}union {c |}{col 19}{res}{space 2} .0067768{col 31}{space 2} .0026465{col 42}{space 1}    2.56{col 51}{space 3}0.010{col 59}{space 4}  .001589{col 72}{space 3} .0119647
{txt}{space 15}rd {c |}{col 19}{res}{space 2} -.002351{col 31}{space 2} .0226629{col 42}{space 1}   -0.10{col 51}{space 3}0.917{col 59}{space 4}-.0467768{col 72}{space 3} .0420748
{txt}{space 12}_cons {c |}{col 19}{res}{space 2} .0659331{col 31}{space 2} .0080233{col 42}{space 1}    8.22{col 51}{space 3}0.000{col 59}{space 4} .0502051{col 72}{space 3} .0816611
{txt}{hline 18}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      195{col 27}{space 1}        0{col 39}{result}{space 1}      195{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est3{txt} stored)

{com}. eststo: xi: ppmlhdfe words pr_quint_5 pr_quint_1 size mtb roa io cash lev salesg_w tsr union rd, absorb(indyr)
{res}{txt}{col  0}Iteration 1:{txt}{col 16}deviance = {res}4.9538e+05 {col 39}{txt}eps = {res}.        {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}  0.08  {txt}P   
{txt}{col  0}Iteration 2:{txt}{col 16}deviance = {res}4.9392e+05 {col 39}{txt}eps = {res}2.95e-03 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}  0.02  {txt}    
{txt}{col  0}Iteration 3:{txt}{col 16}deviance = {res}4.9392e+05 {col 39}{txt}eps = {res}3.90e-07 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}  0.02  {txt}    
{txt}{col  0}Iteration 4:{txt}{col 16}deviance = {res}4.9392e+05 {col 39}{txt}eps = {res}1.31e-14 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-05{col 82}{txt} min(eta) = {res}  0.02  {txt}    
{txt}{col  0}Iteration 5:{txt}{col 16}deviance = {res}4.9392e+05 {col 39}{txt}eps = {res}0.00e+00 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-08{col 82}{txt} min(eta) = {res}  0.02  {txt} S O
{txt}{hline 108}
{txt}(legend: {res}p{txt}: exact partial-out   {res}s{txt}: exact solver   {res}h{txt}: step-halving   {res}o{txt}: epsilon below tolerance)
{txt}Converged in 5 iterations and 5 HDFE sub-iterations (tol = 1.0e-08)
{res}{txt}
HDFE {help ppmlhdfe##description:PPML} regression{col 51}No. of obs{col 67}={col 69}{res}     8,771
{txt}Absorbing 1 HDFE group{col 51}Residual df{col 67}={col 69}{res}     8,563
{txt}{col 51}Wald chi2({res}12{txt}){col 67}={col 69}{res}    255.16
{txt}Deviance{col 22}={col 24}{res} 493919.0353{txt}{col 51}Prob > chi2{col 67}={col 69}{res}    0.0000
{txt}Log pseudolikelihood ={col 24}{res}-280722.7294{txt}{col 51}Pseudo R2{col 67}={col 69}{res}    0.0762
{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}       words{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}pr_quint_5 {c |}{col 14}{res}{space 2}  .086219{col 26}{space 2}    .0129{col 37}{space 1}    6.68{col 46}{space 3}0.000{col 54}{space 4} .0609355{col 67}{space 3} .1115025
{txt}{space 2}pr_quint_1 {c |}{col 14}{res}{space 2}-.0743364{col 26}{space 2} .0125958{col 37}{space 1}   -5.90{col 46}{space 3}0.000{col 54}{space 4}-.0990237{col 67}{space 3}-.0496492
{txt}{space 8}size {c |}{col 14}{res}{space 2} .0202758{col 26}{space 2} .0033937{col 37}{space 1}    5.97{col 46}{space 3}0.000{col 54}{space 4} .0136243{col 67}{space 3} .0269272
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0037284{col 26}{space 2}  .002679{col 37}{space 1}    1.39{col 46}{space 3}0.164{col 54}{space 4}-.0015224{col 67}{space 3} .0089792
{txt}{space 9}roa {c |}{col 14}{res}{space 2}-.1287394{col 26}{space 2} .0403241{col 37}{space 1}   -3.19{col 46}{space 3}0.001{col 54}{space 4}-.2077731{col 67}{space 3}-.0497056
{txt}{space 10}io {c |}{col 14}{res}{space 2}-.0009769{col 26}{space 2} .0161258{col 37}{space 1}   -0.06{col 46}{space 3}0.952{col 54}{space 4}-.0325829{col 67}{space 3}  .030629
{txt}{space 8}cash {c |}{col 14}{res}{space 2} .0660046{col 26}{space 2} .0330943{col 37}{space 1}    1.99{col 46}{space 3}0.046{col 54}{space 4} .0011409{col 67}{space 3} .1308683
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.0076438{col 26}{space 2} .0182281{col 37}{space 1}   -0.42{col 46}{space 3}0.675{col 54}{space 4}-.0433702{col 67}{space 3} .0280826
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2} .0140207{col 26}{space 2} .0139322{col 37}{space 1}    1.01{col 46}{space 3}0.314{col 54}{space 4}-.0132858{col 67}{space 3} .0413272
{txt}{space 9}tsr {c |}{col 14}{res}{space 2}-.0243621{col 26}{space 2} .0060782{col 37}{space 1}   -4.01{col 46}{space 3}0.000{col 54}{space 4}-.0362752{col 67}{space 3}-.0124491
{txt}{space 7}union {c |}{col 14}{res}{space 2} .0071523{col 26}{space 2} .0106587{col 37}{space 1}    0.67{col 46}{space 3}0.502{col 54}{space 4}-.0137385{col 67}{space 3}  .028043
{txt}{space 10}rd {c |}{col 14}{res}{space 2} .0216818{col 26}{space 2} .0741091{col 37}{space 1}    0.29{col 46}{space 3}0.770{col 54}{space 4}-.1235694{col 67}{space 3}  .166933
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 5.770862{col 26}{space 2} .0321528{col 37}{space 1}  179.48{col 46}{space 3}0.000{col 54}{space 4} 5.707844{col 67}{space 3}  5.83388
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      196{col 27}{space 1}        0{col 39}{result}{space 1}      196{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est4{txt} stored)

{com}. eststo: xi: ppmlhdfe spin_num pr_quint_5 pr_quint_1 size mtb roa io cash lev salesg_w tsr union rd, absorb(indyr)
{res}{txt}(dropped 74 observations that are either {browse "http://scorreia.com/research/singletons.pdf":singletons} or {browse "http://scorreia.com/research/separation.pdf":separated} by a fixed effect)
{res}{txt}{col  0}Iteration 1:{txt}{col 16}deviance = {res}1.6219e+04 {col 39}{txt}eps = {res}.        {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -4.31  {txt}P   
{txt}{col  0}Iteration 2:{txt}{col 16}deviance = {res}1.4525e+04 {col 39}{txt}eps = {res}1.17e-01 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -4.62  {txt}    
{txt}{col  0}Iteration 3:{txt}{col 16}deviance = {res}1.4402e+04 {col 39}{txt}eps = {res}8.57e-03 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -4.72  {txt}    
{txt}{col  0}Iteration 4:{txt}{col 16}deviance = {res}1.4398e+04 {col 39}{txt}eps = {res}2.43e-04 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -4.74  {txt}    
{txt}{col  0}Iteration 5:{txt}{col 16}deviance = {res}1.4398e+04 {col 39}{txt}eps = {res}1.17e-05 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -4.74  {txt}    
{txt}{col  0}Iteration 6:{txt}{col 16}deviance = {res}1.4398e+04 {col 39}{txt}eps = {res}9.69e-08 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-05{col 82}{txt} min(eta) = {res} -4.74  {txt}    
{txt}{col  0}Iteration 7:{txt}{col 16}deviance = {res}1.4398e+04 {col 39}{txt}eps = {res}7.74e-12 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-06{col 82}{txt} min(eta) = {res} -4.74  {txt} S O
{txt}{hline 108}
{txt}(legend: {res}p{txt}: exact partial-out   {res}s{txt}: exact solver   {res}h{txt}: step-halving   {res}o{txt}: epsilon below tolerance)
{txt}Converged in 7 iterations and 7 HDFE sub-iterations (tol = 1.0e-08)
{res}{txt}
HDFE {help ppmlhdfe##description:PPML} regression{col 51}No. of obs{col 67}={col 69}{res}     8,697
{txt}Absorbing 1 HDFE group{col 51}Residual df{col 67}={col 69}{res}     8,504
{txt}{col 51}Wald chi2({res}12{txt}){col 67}={col 69}{res}    222.83
{txt}Deviance{col 22}={col 24}{res} 14398.03935{txt}{col 51}Prob > chi2{col 67}={col 69}{res}    0.0000
{txt}Log pseudolikelihood ={col 24}{res}-9390.602146{txt}{col 51}Pseudo R2{col 67}={col 69}{res}    0.0662
{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}    spin_num{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}pr_quint_5 {c |}{col 14}{res}{space 2} .4633772{col 26}{space 2} .0872195{col 37}{space 1}    5.31{col 46}{space 3}0.000{col 54}{space 4}   .29243{col 67}{space 3} .6343243
{txt}{space 2}pr_quint_1 {c |}{col 14}{res}{space 2}-.0986411{col 26}{space 2} .1033742{col 37}{space 1}   -0.95{col 46}{space 3}0.340{col 54}{space 4}-.3012508{col 67}{space 3} .1039686
{txt}{space 8}size {c |}{col 14}{res}{space 2} .1693815{col 26}{space 2} .0227278{col 37}{space 1}    7.45{col 46}{space 3}0.000{col 54}{space 4} .1248358{col 67}{space 3} .2139271
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0595763{col 26}{space 2} .0140981{col 37}{space 1}    4.23{col 46}{space 3}0.000{col 54}{space 4} .0319445{col 67}{space 3} .0872081
{txt}{space 9}roa {c |}{col 14}{res}{space 2} .4873124{col 26}{space 2} .2176673{col 37}{space 1}    2.24{col 46}{space 3}0.025{col 54}{space 4} .0606923{col 67}{space 3} .9139324
{txt}{space 10}io {c |}{col 14}{res}{space 2} .0445374{col 26}{space 2} .0466685{col 37}{space 1}    0.95{col 46}{space 3}0.340{col 54}{space 4}-.0469311{col 67}{space 3} .1360058
{txt}{space 8}cash {c |}{col 14}{res}{space 2}  .523954{col 26}{space 2} .2539202{col 37}{space 1}    2.06{col 46}{space 3}0.039{col 54}{space 4} .0262796{col 67}{space 3} 1.021628
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.3776291{col 26}{space 2} .1188625{col 37}{space 1}   -3.18{col 46}{space 3}0.001{col 54}{space 4}-.6105952{col 67}{space 3}-.1446629
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2}-.0313236{col 26}{space 2}  .115627{col 37}{space 1}   -0.27{col 46}{space 3}0.786{col 54}{space 4}-.2579483{col 67}{space 3} .1953011
{txt}{space 9}tsr {c |}{col 14}{res}{space 2}-.0032281{col 26}{space 2} .0253399{col 37}{space 1}   -0.13{col 46}{space 3}0.899{col 54}{space 4}-.0528935{col 67}{space 3} .0464372
{txt}{space 7}union {c |}{col 14}{res}{space 2}-.0204871{col 26}{space 2} .0844784{col 37}{space 1}   -0.24{col 46}{space 3}0.808{col 54}{space 4}-.1860617{col 67}{space 3} .1450874
{txt}{space 10}rd {c |}{col 14}{res}{space 2} .5196056{col 26}{space 2} .3441044{col 37}{space 1}    1.51{col 46}{space 3}0.131{col 54}{space 4}-.1548266{col 67}{space 3} 1.194038
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-2.313991{col 26}{space 2} .1990251{col 37}{space 1}  -11.63{col 46}{space 3}0.000{col 54}{space 4}-2.704073{col 67}{space 3}-1.923909
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      181{col 27}{space 1}        0{col 39}{result}{space 1}      181{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est5{txt} stored)

{com}. eststo: xi: ppmlhdfe explain_num pr_quint_5 pr_quint_1 size mtb roa io cash lev salesg_w tsr union rd, absorb(indyr)
{res}{txt}{col  0}Iteration 1:{txt}{col 16}deviance = {res}1.0086e+04 {col 39}{txt}eps = {res}.        {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -1.18  {txt}P   
{txt}{col  0}Iteration 2:{txt}{col 16}deviance = {res}9.9703e+03 {col 39}{txt}eps = {res}1.16e-02 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -1.62  {txt}    
{txt}{col  0}Iteration 3:{txt}{col 16}deviance = {res}9.9699e+03 {col 39}{txt}eps = {res}3.57e-05 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -1.76  {txt}    
{txt}{col  0}Iteration 4:{txt}{col 16}deviance = {res}9.9699e+03 {col 39}{txt}eps = {res}1.31e-08 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-05{col 82}{txt} min(eta) = {res} -1.77  {txt}    
{txt}{col  0}Iteration 5:{txt}{col 16}deviance = {res}9.9699e+03 {col 39}{txt}eps = {res}2.91e-13 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-06{col 82}{txt} min(eta) = {res} -1.77  {txt} S O
{txt}{hline 108}
{txt}(legend: {res}p{txt}: exact partial-out   {res}s{txt}: exact solver   {res}h{txt}: step-halving   {res}o{txt}: epsilon below tolerance)
{txt}Converged in 5 iterations and 5 HDFE sub-iterations (tol = 1.0e-08)
{res}{txt}
HDFE {help ppmlhdfe##description:PPML} regression{col 51}No. of obs{col 67}={col 69}{res}     8,771
{txt}Absorbing 1 HDFE group{col 51}Residual df{col 67}={col 69}{res}     8,563
{txt}{col 51}Wald chi2({res}12{txt}){col 67}={col 69}{res}    121.99
{txt}Deviance{col 22}={col 24}{res} 9969.916655{txt}{col 51}Prob > chi2{col 67}={col 69}{res}    0.0000
{txt}Log pseudolikelihood ={col 24}{res}-12266.63475{txt}{col 51}Pseudo R2{col 67}={col 69}{res}    0.0274
{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1} explain_num{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}pr_quint_5 {c |}{col 14}{res}{space 2}  .137436{col 26}{space 2} .0269023{col 37}{space 1}    5.11{col 46}{space 3}0.000{col 54}{space 4} .0847085{col 67}{space 3} .1901636
{txt}{space 2}pr_quint_1 {c |}{col 14}{res}{space 2}-.1088793{col 26}{space 2} .0305478{col 37}{space 1}   -3.56{col 46}{space 3}0.000{col 54}{space 4}-.1687518{col 67}{space 3}-.0490068
{txt}{space 8}size {c |}{col 14}{res}{space 2} .0174145{col 26}{space 2}  .007628{col 37}{space 1}    2.28{col 46}{space 3}0.022{col 54}{space 4}  .002464{col 67}{space 3}  .032365
{txt}{space 9}mtb {c |}{col 14}{res}{space 2}  .014528{col 26}{space 2} .0056272{col 37}{space 1}    2.58{col 46}{space 3}0.010{col 54}{space 4} .0034989{col 67}{space 3}  .025557
{txt}{space 9}roa {c |}{col 14}{res}{space 2}-.1754657{col 26}{space 2} .0673122{col 37}{space 1}   -2.61{col 46}{space 3}0.009{col 54}{space 4}-.3073952{col 67}{space 3}-.0435362
{txt}{space 10}io {c |}{col 14}{res}{space 2} .0018949{col 26}{space 2} .0317448{col 37}{space 1}    0.06{col 46}{space 3}0.952{col 54}{space 4}-.0603238{col 67}{space 3} .0641136
{txt}{space 8}cash {c |}{col 14}{res}{space 2} .1782981{col 26}{space 2} .0736938{col 37}{space 1}    2.42{col 46}{space 3}0.016{col 54}{space 4}  .033861{col 67}{space 3} .3227353
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.0595508{col 26}{space 2} .0406932{col 37}{space 1}   -1.46{col 46}{space 3}0.143{col 54}{space 4}-.1393081{col 67}{space 3} .0202064
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2} .1126607{col 26}{space 2} .0298405{col 37}{space 1}    3.78{col 46}{space 3}0.000{col 54}{space 4} .0541744{col 67}{space 3} .1711469
{txt}{space 9}tsr {c |}{col 14}{res}{space 2}-.0408977{col 26}{space 2}  .015377{col 37}{space 1}   -2.66{col 46}{space 3}0.008{col 54}{space 4} -.071036{col 67}{space 3}-.0107594
{txt}{space 7}union {c |}{col 14}{res}{space 2} .0414205{col 26}{space 2} .0237192{col 37}{space 1}    1.75{col 46}{space 3}0.081{col 54}{space 4}-.0050682{col 67}{space 3} .0879093
{txt}{space 10}rd {c |}{col 14}{res}{space 2} .2166162{col 26}{space 2} .1612874{col 37}{space 1}    1.34{col 46}{space 3}0.179{col 54}{space 4}-.0995013{col 67}{space 3} .5327337
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} .0246034{col 26}{space 2} .0708959{col 37}{space 1}    0.35{col 46}{space 3}0.729{col 54}{space 4}  -.11435{col 67}{space 3} .1635568
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      196{col 27}{space 1}        0{col 39}{result}{space 1}      196{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est6{txt} stored)

{com}. eststo: xi: ppmlhdfe suppl_num pr_quint_5 pr_quint_1 size mtb roa io cash lev salesg_w tsr union rd, absorb(indyr)
{res}{txt}(dropped 309 observations that are either {browse "http://scorreia.com/research/singletons.pdf":singletons} or {browse "http://scorreia.com/research/separation.pdf":separated} by a fixed effect)
{res}{txt}{col  0}Iteration 1:{txt}{col 16}deviance = {res}3.9734e+03 {col 39}{txt}eps = {res}.        {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -8.13  {txt}P   
{txt}{col  0}Iteration 2:{txt}{col 16}deviance = {res}3.4921e+03 {col 39}{txt}eps = {res}1.38e-01 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-10.23  {txt}    
{txt}{col  0}Iteration 3:{txt}{col 16}deviance = {res}3.4533e+03 {col 39}{txt}eps = {res}1.13e-02 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-11.71  {txt}    
{txt}{col  0}Iteration 4:{txt}{col 16}deviance = {res}3.4526e+03 {col 39}{txt}eps = {res}1.96e-04 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-11.99  {txt}    
{txt}{col  0}Iteration 5:{txt}{col 16}deviance = {res}3.4526e+03 {col 39}{txt}eps = {res}3.11e-07 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-12.00  {txt}    
{txt}{col  0}Iteration 6:{txt}{col 16}deviance = {res}3.4526e+03 {col 39}{txt}eps = {res}6.36e-12 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-05{col 82}{txt} min(eta) = {res}-12.00  {txt} S O
{txt}{hline 108}
{txt}(legend: {res}p{txt}: exact partial-out   {res}s{txt}: exact solver   {res}h{txt}: step-halving   {res}o{txt}: epsilon below tolerance)
{txt}Converged in 6 iterations and 6 HDFE sub-iterations (tol = 1.0e-08)
{res}{txt}
HDFE {help ppmlhdfe##description:PPML} regression{col 51}No. of obs{col 67}={col 69}{res}     8,462
{txt}Absorbing 1 HDFE group{col 51}Residual df{col 67}={col 69}{res}     8,294
{txt}{col 51}Wald chi2({res}12{txt}){col 67}={col 69}{res}    366.97
{txt}Deviance{col 22}={col 24}{res} 3452.591322{txt}{col 51}Prob > chi2{col 67}={col 69}{res}    0.0000
{txt}Log pseudolikelihood ={col 24}{res}-2585.731415{txt}{col 51}Pseudo R2{col 67}={col 69}{res}    0.1032
{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}   suppl_num{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}pr_quint_5 {c |}{col 14}{res}{space 2} 1.368022{col 26}{space 2} .0847514{col 37}{space 1}   16.14{col 46}{space 3}0.000{col 54}{space 4} 1.201912{col 67}{space 3} 1.534132
{txt}{space 2}pr_quint_1 {c |}{col 14}{res}{space 2}-.8558182{col 26}{space 2} .1507191{col 37}{space 1}   -5.68{col 46}{space 3}0.000{col 54}{space 4}-1.151222{col 67}{space 3}-.5604142
{txt}{space 8}size {c |}{col 14}{res}{space 2}-.1167895{col 26}{space 2} .0255664{col 37}{space 1}   -4.57{col 46}{space 3}0.000{col 54}{space 4}-.1668988{col 67}{space 3}-.0666802
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0086725{col 26}{space 2} .0218494{col 37}{space 1}    0.40{col 46}{space 3}0.691{col 54}{space 4}-.0341515{col 67}{space 3} .0514965
{txt}{space 9}roa {c |}{col 14}{res}{space 2} .5482263{col 26}{space 2} .2944959{col 37}{space 1}    1.86{col 46}{space 3}0.063{col 54}{space 4} -.028975{col 67}{space 3} 1.125428
{txt}{space 10}io {c |}{col 14}{res}{space 2}-.0463104{col 26}{space 2} .0693264{col 37}{space 1}   -0.67{col 46}{space 3}0.504{col 54}{space 4}-.1821877{col 67}{space 3} .0895669
{txt}{space 8}cash {c |}{col 14}{res}{space 2} .5070544{col 26}{space 2} .2486029{col 37}{space 1}    2.04{col 46}{space 3}0.041{col 54}{space 4} .0198017{col 67}{space 3} .9943071
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.2724567{col 26}{space 2} .1413372{col 37}{space 1}   -1.93{col 46}{space 3}0.054{col 54}{space 4}-.5494725{col 67}{space 3} .0045592
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2} .0474443{col 26}{space 2} .1542607{col 37}{space 1}    0.31{col 46}{space 3}0.758{col 54}{space 4}-.2549012{col 67}{space 3} .3497898
{txt}{space 9}tsr {c |}{col 14}{res}{space 2}-.2768835{col 26}{space 2} .0969877{col 37}{space 1}   -2.85{col 46}{space 3}0.004{col 54}{space 4} -.466976{col 67}{space 3} -.086791
{txt}{space 7}union {c |}{col 14}{res}{space 2}-.0119628{col 26}{space 2} .0745813{col 37}{space 1}   -0.16{col 46}{space 3}0.873{col 54}{space 4}-.1581394{col 67}{space 3} .1342138
{txt}{space 10}rd {c |}{col 14}{res}{space 2}-.2352721{col 26}{space 2} .6879582{col 37}{space 1}   -0.34{col 46}{space 3}0.732{col 54}{space 4}-1.583645{col 67}{space 3} 1.113101
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-1.496035{col 26}{space 2} .2271004{col 37}{space 1}   -6.59{col 46}{space 3}0.000{col 54}{space 4}-1.941143{col 67}{space 3}-1.050926
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      156{col 27}{space 1}        0{col 39}{result}{space 1}      156{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est7{txt} stored)

{com}. eststo: xi: ppmlhdfe tout_num pr_quint_5 pr_quint_1 size mtb roa io cash lev salesg_w tsr union rd, absorb(indyr)
{res}{txt}(dropped 884 observations that are either {browse "http://scorreia.com/research/singletons.pdf":singletons} or {browse "http://scorreia.com/research/separation.pdf":separated} by a fixed effect)
{res}{txt}{col  0}Iteration 1:{txt}{col 16}deviance = {res}4.6473e+03 {col 39}{txt}eps = {res}.        {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -9.35  {txt}P   
{txt}{col  0}Iteration 2:{txt}{col 16}deviance = {res}3.8719e+03 {col 39}{txt}eps = {res}2.00e-01 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-11.16  {txt}    
{txt}{col  0}Iteration 3:{txt}{col 16}deviance = {res}3.7816e+03 {col 39}{txt}eps = {res}2.39e-02 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-12.70  {txt}    
{txt}{col  0}Iteration 4:{txt}{col 16}deviance = {res}3.7787e+03 {col 39}{txt}eps = {res}7.76e-04 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-13.15  {txt}    
{txt}{col  0}Iteration 5:{txt}{col 16}deviance = {res}3.7787e+03 {col 39}{txt}eps = {res}2.95e-06 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-13.16  {txt}    
{txt}{col  0}Iteration 6:{txt}{col 16}deviance = {res}3.7787e+03 {col 39}{txt}eps = {res}4.48e-10 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-05{col 82}{txt} min(eta) = {res}-13.16  {txt} S O
{txt}{hline 108}
{txt}(legend: {res}p{txt}: exact partial-out   {res}s{txt}: exact solver   {res}h{txt}: step-halving   {res}o{txt}: epsilon below tolerance)
{txt}Converged in 6 iterations and 6 HDFE sub-iterations (tol = 1.0e-08)
{res}{txt}
HDFE {help ppmlhdfe##description:PPML} regression{col 51}No. of obs{col 67}={col 69}{res}     7,887
{txt}Absorbing 1 HDFE group{col 51}Residual df{col 67}={col 69}{res}     7,745
{txt}{col 51}Wald chi2({res}12{txt}){col 67}={col 69}{res}     94.36
{txt}Deviance{col 22}={col 24}{res} 3778.696289{txt}{col 51}Prob > chi2{col 67}={col 69}{res}    0.0000
{txt}Log pseudolikelihood ={col 24}{res}-2482.844852{txt}{col 51}Pseudo R2{col 67}={col 69}{res}    0.0763
{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}    tout_num{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}pr_quint_5 {c |}{col 14}{res}{space 2}-.6233283{col 26}{space 2} .1764413{col 37}{space 1}   -3.53{col 46}{space 3}0.000{col 54}{space 4}-.9691469{col 67}{space 3}-.2775098
{txt}{space 2}pr_quint_1 {c |}{col 14}{res}{space 2} .3707159{col 26}{space 2} .1121332{col 37}{space 1}    3.31{col 46}{space 3}0.001{col 54}{space 4} .1509389{col 67}{space 3} .5904929
{txt}{space 8}size {c |}{col 14}{res}{space 2}-.0518001{col 26}{space 2} .0358906{col 37}{space 1}   -1.44{col 46}{space 3}0.149{col 54}{space 4}-.1221444{col 67}{space 3} .0185441
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0553895{col 26}{space 2} .0234224{col 37}{space 1}    2.36{col 46}{space 3}0.018{col 54}{space 4} .0094825{col 67}{space 3} .1012965
{txt}{space 9}roa {c |}{col 14}{res}{space 2}-.4928031{col 26}{space 2}  .221296{col 37}{space 1}   -2.23{col 46}{space 3}0.026{col 54}{space 4}-.9265352{col 67}{space 3} -.059071
{txt}{space 10}io {c |}{col 14}{res}{space 2}-.5255507{col 26}{space 2} .2103793{col 37}{space 1}   -2.50{col 46}{space 3}0.012{col 54}{space 4}-.9378865{col 67}{space 3}-.1132149
{txt}{space 8}cash {c |}{col 14}{res}{space 2}-.7686065{col 26}{space 2} .3723534{col 37}{space 1}   -2.06{col 46}{space 3}0.039{col 54}{space 4}-1.498406{col 67}{space 3}-.0388071
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.4340479{col 26}{space 2} .2376131{col 37}{space 1}   -1.83{col 46}{space 3}0.068{col 54}{space 4} -.899761{col 67}{space 3} .0316652
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2} .0045612{col 26}{space 2} .1365898{col 37}{space 1}    0.03{col 46}{space 3}0.973{col 54}{space 4}-.2631499{col 67}{space 3} .2722723
{txt}{space 9}tsr {c |}{col 14}{res}{space 2} .0240858{col 26}{space 2} .0334253{col 37}{space 1}    0.72{col 46}{space 3}0.471{col 54}{space 4}-.0414265{col 67}{space 3} .0895981
{txt}{space 7}union {c |}{col 14}{res}{space 2} -.066234{col 26}{space 2} .1136871{col 37}{space 1}   -0.58{col 46}{space 3}0.560{col 54}{space 4}-.2890566{col 67}{space 3} .1565886
{txt}{space 10}rd {c |}{col 14}{res}{space 2}-1.032179{col 26}{space 2} .7659588{col 37}{space 1}   -1.35{col 46}{space 3}0.178{col 54}{space 4} -2.53343{col 67}{space 3} .4690732
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-1.122708{col 26}{space 2} .3266384{col 37}{space 1}   -3.44{col 46}{space 3}0.001{col 54}{space 4}-1.762907{col 67}{space 3}-.4825081
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      130{col 27}{space 1}        0{col 39}{result}{space 1}      130{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est8{txt} stored)

{com}. esttab using "Output/Tables/RF/TIA13_quintiles_robust.csv", b(3) ar2 pr2 varwidth(25) title("Quintiles PR Robustness") order(pr_quint_5 pr_quint_1) drop(gd_pay_pre_365 ln_prod_pre_365 gd_ceodis_pre_365 size mtb roa io cash lev salesg_w tsr union rd fixed_assets _cons) star(* 0.10 ** 0.05  *** 0.01 ) replace
{res}{txt}(output written to {browse  `"Output/Tables/RF/TIA13_quintiles_robust.csv"'})

{com}. 
. ********************************
. *Panel C: Quartiles
. ********************************
. est clear
{txt}
{com}. eststo: xi: reghdfe gd_pay_diff_365 pr_quart_4 pr_quart_1  gd_pay_pre_365 size mtb roa io cash lev salesg_w tsr union rd ,absorb(indyr)
{res}{txt}(dropped 1 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     7,455
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   7247{txt}){col 67}= {res}    291.65
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.3641
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3459
{txt}{col 51}Within R-sq.{col 67}= {res}    0.3435
{txt}{col 51}Root MSE{col 67}= {res}    0.5166

{txt}{hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_pay_dif~365{col 16}{c |}      Coef.{col 28}   Std. Err.{col 40}      t{col 48}   P>|t|{col 56}     [95% Con{col 69}f. Interval]
{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}pr_quart_4 {c |}{col 16}{res}{space 2}-.0707729{col 28}{space 2} .0167375{col 39}{space 1}   -4.23{col 48}{space 3}0.000{col 56}{space 4}-.1035833{col 69}{space 3}-.0379625
{txt}{space 4}pr_quart_1 {c |}{col 16}{res}{space 2} .0618898{col 28}{space 2} .0179151{col 39}{space 1}    3.45{col 48}{space 3}0.001{col 56}{space 4}  .026771{col 69}{space 3} .0970086
{txt}gd_pay_pre_365 {c |}{col 16}{res}{space 2}-.6473909{col 28}{space 2} .0105522{col 39}{space 1}  -61.35{col 48}{space 3}0.000{col 56}{space 4}-.6680763{col 69}{space 3}-.6267055
{txt}{space 10}size {c |}{col 16}{res}{space 2} .0668035{col 28}{space 2} .0051075{col 39}{space 1}   13.08{col 48}{space 3}0.000{col 56}{space 4} .0567913{col 69}{space 3} .0768156
{txt}{space 11}mtb {c |}{col 16}{res}{space 2} .0148707{col 28}{space 2} .0042536{col 39}{space 1}    3.50{col 48}{space 3}0.000{col 56}{space 4} .0065323{col 69}{space 3}  .023209
{txt}{space 11}roa {c |}{col 16}{res}{space 2} .1231542{col 28}{space 2} .0668505{col 39}{space 1}    1.84{col 48}{space 3}0.065{col 56}{space 4}-.0078924{col 69}{space 3} .2542007
{txt}{space 12}io {c |}{col 16}{res}{space 2} .0431723{col 28}{space 2} .0180332{col 39}{space 1}    2.39{col 48}{space 3}0.017{col 56}{space 4}  .007822{col 69}{space 3} .0785227
{txt}{space 10}cash {c |}{col 16}{res}{space 2} .1188749{col 28}{space 2} .0502373{col 39}{space 1}    2.37{col 48}{space 3}0.018{col 56}{space 4} .0203953{col 69}{space 3} .2173546
{txt}{space 11}lev {c |}{col 16}{res}{space 2} -.039101{col 28}{space 2} .0271847{col 39}{space 1}   -1.44{col 48}{space 3}0.150{col 56}{space 4}-.0923909{col 69}{space 3} .0141889
{txt}{space 6}salesg_w {c |}{col 16}{res}{space 2} .0889344{col 28}{space 2} .0233806{col 39}{space 1}    3.80{col 48}{space 3}0.000{col 56}{space 4} .0431017{col 69}{space 3} .1347672
{txt}{space 11}tsr {c |}{col 16}{res}{space 2} .0275234{col 28}{space 2} .0111074{col 39}{space 1}    2.48{col 48}{space 3}0.013{col 56}{space 4} .0057497{col 69}{space 3} .0492971
{txt}{space 9}union {c |}{col 16}{res}{space 2}-.0130593{col 28}{space 2} .0151939{col 39}{space 1}   -0.86{col 48}{space 3}0.390{col 56}{space 4}-.0428437{col 69}{space 3} .0167251
{txt}{space 12}rd {c |}{col 16}{res}{space 2}   .63989{col 28}{space 2} .1313862{col 39}{space 1}    4.87{col 48}{space 3}0.000{col 56}{space 4} .3823348{col 69}{space 3} .8974452
{txt}{space 9}_cons {c |}{col 16}{res}{space 2} 1.628987{col 28}{space 2} .0535511{col 39}{space 1}   30.42{col 48}{space 3}0.000{col 56}{space 4} 1.524011{col 69}{space 3} 1.733963
{txt}{hline 15}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      195{col 27}{space 1}        0{col 39}{result}{space 1}      195{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est1{txt} stored)

{com}. eststo: xi: reghdfe ln_prod_diff pr_quart_4 pr_quart_1 ln_prod_pre_365 size mtb roa io cash lev salesg_w tsr union rd fixed_assets ,absorb(indyr)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     7,580
{txt}Absorbing 1 HDFE group{col 51}F({res}  14{txt},{res}   7370{txt}){col 67}= {res}     42.73
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1386
{txt}{col 51}Adj R-squared{col 67}= {res}    0.1141
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0751
{txt}{col 51}Root MSE{col 67}= {res}    0.3237

{txt}{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}   ln_prod_diff{col 17}{c |}      Coef.{col 29}   Std. Err.{col 41}      t{col 49}   P>|t|{col 57}     [95% Con{col 70}f. Interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 5}pr_quart_4 {c |}{col 17}{res}{space 2} -.037312{col 29}{space 2} .0109114{col 40}{space 1}   -3.42{col 49}{space 3}0.001{col 57}{space 4}-.0587014{col 70}{space 3}-.0159226
{txt}{space 5}pr_quart_1 {c |}{col 17}{res}{space 2} .0186311{col 29}{space 2} .0109594{col 40}{space 1}    1.70{col 49}{space 3}0.089{col 57}{space 4}-.0028526{col 70}{space 3} .0401147
{txt}ln_prod_pre_365 {c |}{col 17}{res}{space 2}-.0838224{col 29}{space 2} .0052888{col 40}{space 1}  -15.85{col 49}{space 3}0.000{col 57}{space 4}-.0941899{col 70}{space 3}-.0734549
{txt}{space 11}size {c |}{col 17}{res}{space 2} .0180696{col 29}{space 2} .0032447{col 40}{space 1}    5.57{col 49}{space 3}0.000{col 57}{space 4} .0117089{col 70}{space 3} .0244302
{txt}{space 12}mtb {c |}{col 17}{res}{space 2} .0121047{col 29}{space 2} .0024544{col 40}{space 1}    4.93{col 49}{space 3}0.000{col 57}{space 4} .0072934{col 70}{space 3}  .016916
{txt}{space 12}roa {c |}{col 17}{res}{space 2}-.4182766{col 29}{space 2} .0378668{col 40}{space 1}  -11.05{col 49}{space 3}0.000{col 57}{space 4}-.4925064{col 70}{space 3}-.3440468
{txt}{space 13}io {c |}{col 17}{res}{space 2} .0307691{col 29}{space 2} .0140449{col 40}{space 1}    2.19{col 49}{space 3}0.028{col 57}{space 4} .0032371{col 70}{space 3} .0583011
{txt}{space 11}cash {c |}{col 17}{res}{space 2}-.0489818{col 29}{space 2} .0311233{col 40}{space 1}   -1.57{col 49}{space 3}0.116{col 57}{space 4}-.1099923{col 70}{space 3} .0120287
{txt}{space 12}lev {c |}{col 17}{res}{space 2} .0580814{col 29}{space 2} .0167052{col 40}{space 1}    3.48{col 49}{space 3}0.001{col 57}{space 4} .0253344{col 70}{space 3} .0908284
{txt}{space 7}salesg_w {c |}{col 17}{res}{space 2}-.1114459{col 29}{space 2} .0139321{col 40}{space 1}   -8.00{col 49}{space 3}0.000{col 57}{space 4}-.1387569{col 70}{space 3}-.0841349
{txt}{space 12}tsr {c |}{col 17}{res}{space 2} .0174763{col 29}{space 2} .0067718{col 40}{space 1}    2.58{col 49}{space 3}0.010{col 57}{space 4} .0042017{col 70}{space 3}  .030751
{txt}{space 10}union {c |}{col 17}{res}{space 2}-.0333122{col 29}{space 2} .0095866{col 40}{space 1}   -3.47{col 49}{space 3}0.001{col 57}{space 4}-.0521046{col 70}{space 3}-.0145197
{txt}{space 13}rd {c |}{col 17}{res}{space 2}-.3905855{col 29}{space 2}  .075635{col 40}{space 1}   -5.16{col 49}{space 3}0.000{col 57}{space 4}-.5388517{col 70}{space 3}-.2423193
{txt}{space 3}fixed_assets {c |}{col 17}{res}{space 2}-.0205411{col 29}{space 2}  .025641{col 40}{space 1}   -0.80{col 49}{space 3}0.423{col 57}{space 4}-.0708047{col 70}{space 3} .0297225
{txt}{space 10}_cons {c |}{col 17}{res}{space 2}  .392449{col 29}{space 2} .0375574{col 40}{space 1}   10.45{col 49}{space 3}0.000{col 57}{space 4} .3188258{col 70}{space 3} .4660723
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      196{col 27}{space 1}        0{col 39}{result}{space 1}      196{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est2{txt} stored)

{com}. eststo: xi: reghdfe gd_ceodis_diff_365 pr_quart_4 pr_quart_1 gd_ceodis_pre_365 size mtb roa io cash lev salesg_w tsr union rd ,absorb(indyr)
{res}{txt}(dropped 1 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     7,542
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   7334{txt}){col 67}= {res}    434.17
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4673
{txt}{col 51}Adj R-squared{col 67}= {res}    0.4523
{txt}{col 51}Within R-sq.{col 67}= {res}    0.4349
{txt}{col 51}Root MSE{col 67}= {res}    0.0906

{txt}{hline 18}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_ceodis_dif~365{col 19}{c |}      Coef.{col 31}   Std. Err.{col 43}      t{col 51}   P>|t|{col 59}     [95% Con{col 72}f. Interval]
{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 7}pr_quart_4 {c |}{col 19}{res}{space 2}  .006662{col 31}{space 2} .0029153{col 42}{space 1}    2.29{col 51}{space 3}0.022{col 59}{space 4} .0009472{col 72}{space 3} .0123769
{txt}{space 7}pr_quart_1 {c |}{col 19}{res}{space 2}-.0011309{col 31}{space 2} .0031013{col 42}{space 1}   -0.36{col 51}{space 3}0.715{col 59}{space 4}-.0072103{col 72}{space 3} .0049485
{txt}gd_ceodis_pre_365 {c |}{col 19}{res}{space 2}-.6694024{col 31}{space 2} .0089328{col 42}{space 1}  -74.94{col 51}{space 3}0.000{col 59}{space 4}-.6869132{col 72}{space 3}-.6518917
{txt}{space 13}size {c |}{col 19}{res}{space 2}-.0022717{col 31}{space 2}  .000866{col 42}{space 1}   -2.62{col 51}{space 3}0.009{col 59}{space 4}-.0039693{col 72}{space 3}-.0005741
{txt}{space 14}mtb {c |}{col 19}{res}{space 2}-.0015724{col 31}{space 2} .0007358{col 42}{space 1}   -2.14{col 51}{space 3}0.033{col 59}{space 4}-.0030147{col 72}{space 3}-.0001301
{txt}{space 14}roa {c |}{col 19}{res}{space 2}-.0246482{col 31}{space 2} .0113685{col 42}{space 1}   -2.17{col 51}{space 3}0.030{col 59}{space 4}-.0469338{col 72}{space 3}-.0023626
{txt}{space 15}io {c |}{col 19}{res}{space 2}-.0005594{col 31}{space 2} .0031517{col 42}{space 1}   -0.18{col 51}{space 3}0.859{col 59}{space 4}-.0067377{col 72}{space 3} .0056188
{txt}{space 13}cash {c |}{col 19}{res}{space 2} .0026178{col 31}{space 2} .0087322{col 42}{space 1}    0.30{col 51}{space 3}0.764{col 59}{space 4}-.0144997{col 72}{space 3} .0197354
{txt}{space 14}lev {c |}{col 19}{res}{space 2}  -.00016{col 31}{space 2} .0046975{col 42}{space 1}   -0.03{col 51}{space 3}0.973{col 59}{space 4}-.0093684{col 72}{space 3} .0090483
{txt}{space 9}salesg_w {c |}{col 19}{res}{space 2}-.0125513{col 31}{space 2}  .004049{col 42}{space 1}   -3.10{col 51}{space 3}0.002{col 59}{space 4}-.0204885{col 72}{space 3} -.004614
{txt}{space 14}tsr {c |}{col 19}{res}{space 2}-.0021198{col 31}{space 2}   .00193{col 42}{space 1}   -1.10{col 51}{space 3}0.272{col 59}{space 4}-.0059031{col 72}{space 3} .0016635
{txt}{space 12}union {c |}{col 19}{res}{space 2} .0066343{col 31}{space 2} .0026492{col 42}{space 1}    2.50{col 51}{space 3}0.012{col 59}{space 4}  .001441{col 72}{space 3} .0118275
{txt}{space 15}rd {c |}{col 19}{res}{space 2}-.0020968{col 31}{space 2}  .022657{col 42}{space 1}   -0.09{col 51}{space 3}0.926{col 59}{space 4} -.046511{col 72}{space 3} .0423174
{txt}{space 12}_cons {c |}{col 19}{res}{space 2} .0682098{col 31}{space 2} .0081888{col 42}{space 1}    8.33{col 51}{space 3}0.000{col 59}{space 4} .0521573{col 72}{space 3} .0842623
{txt}{hline 18}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      195{col 27}{space 1}        0{col 39}{result}{space 1}      195{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est3{txt} stored)

{com}. eststo: xi: ppmlhdfe words pr_quart_4 pr_quart_1 size mtb roa io cash lev salesg_w tsr union rd, absorb(indyr)
{res}{txt}{col  0}Iteration 1:{txt}{col 16}deviance = {res}4.9606e+05 {col 39}{txt}eps = {res}.        {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}  0.07  {txt}P   
{txt}{col  0}Iteration 2:{txt}{col 16}deviance = {res}4.9460e+05 {col 39}{txt}eps = {res}2.95e-03 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}  0.01  {txt}    
{txt}{col  0}Iteration 3:{txt}{col 16}deviance = {res}4.9460e+05 {col 39}{txt}eps = {res}3.88e-07 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}  0.00  {txt}    
{txt}{col  0}Iteration 4:{txt}{col 16}deviance = {res}4.9460e+05 {col 39}{txt}eps = {res}1.33e-14 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-05{col 82}{txt} min(eta) = {res}  0.00  {txt}    
{txt}{col  0}Iteration 5:{txt}{col 16}deviance = {res}4.9460e+05 {col 39}{txt}eps = {res}0.00e+00 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-08{col 82}{txt} min(eta) = {res}  0.00  {txt} S O
{txt}{hline 108}
{txt}(legend: {res}p{txt}: exact partial-out   {res}s{txt}: exact solver   {res}h{txt}: step-halving   {res}o{txt}: epsilon below tolerance)
{txt}Converged in 5 iterations and 5 HDFE sub-iterations (tol = 1.0e-08)
{res}{txt}
HDFE {help ppmlhdfe##description:PPML} regression{col 51}No. of obs{col 67}={col 69}{res}     8,771
{txt}Absorbing 1 HDFE group{col 51}Residual df{col 67}={col 69}{res}     8,563
{txt}{col 51}Wald chi2({res}12{txt}){col 67}={col 69}{res}    244.27
{txt}Deviance{col 22}={col 24}{res} 494602.0408{txt}{col 51}Prob > chi2{col 67}={col 69}{res}    0.0000
{txt}Log pseudolikelihood ={col 24}{res}-281064.2321{txt}{col 51}Pseudo R2{col 67}={col 69}{res}    0.0751
{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}       words{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}pr_quart_4 {c |}{col 14}{res}{space 2} .0750317{col 26}{space 2} .0122912{col 37}{space 1}    6.10{col 46}{space 3}0.000{col 54}{space 4} .0509413{col 67}{space 3}  .099122
{txt}{space 2}pr_quart_1 {c |}{col 14}{res}{space 2}  -.06186{col 26}{space 2} .0120921{col 37}{space 1}   -5.12{col 46}{space 3}0.000{col 54}{space 4}-.0855601{col 67}{space 3}-.0381599
{txt}{space 8}size {c |}{col 14}{res}{space 2} .0200968{col 26}{space 2} .0034923{col 37}{space 1}    5.75{col 46}{space 3}0.000{col 54}{space 4} .0132521{col 67}{space 3} .0269415
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0037115{col 26}{space 2}  .002696{col 37}{space 1}    1.38{col 46}{space 3}0.169{col 54}{space 4}-.0015725{col 67}{space 3} .0089956
{txt}{space 9}roa {c |}{col 14}{res}{space 2}-.1282625{col 26}{space 2} .0401406{col 37}{space 1}   -3.20{col 46}{space 3}0.001{col 54}{space 4}-.2069367{col 67}{space 3}-.0495883
{txt}{space 10}io {c |}{col 14}{res}{space 2}  .000758{col 26}{space 2} .0164475{col 37}{space 1}    0.05{col 46}{space 3}0.963{col 54}{space 4}-.0314786{col 67}{space 3} .0329945
{txt}{space 8}cash {c |}{col 14}{res}{space 2} .0641143{col 26}{space 2} .0331473{col 37}{space 1}    1.93{col 46}{space 3}0.053{col 54}{space 4}-.0008533{col 67}{space 3} .1290819
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.0067683{col 26}{space 2} .0183313{col 37}{space 1}   -0.37{col 46}{space 3}0.712{col 54}{space 4}-.0426969{col 67}{space 3} .0291603
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2} .0133057{col 26}{space 2} .0139033{col 37}{space 1}    0.96{col 46}{space 3}0.339{col 54}{space 4}-.0139443{col 67}{space 3} .0405557
{txt}{space 9}tsr {c |}{col 14}{res}{space 2}-.0251264{col 26}{space 2} .0061272{col 37}{space 1}   -4.10{col 46}{space 3}0.000{col 54}{space 4}-.0371356{col 67}{space 3}-.0131173
{txt}{space 7}union {c |}{col 14}{res}{space 2} .0062663{col 26}{space 2} .0107045{col 37}{space 1}    0.59{col 46}{space 3}0.558{col 54}{space 4} -.014714{col 67}{space 3} .0272467
{txt}{space 10}rd {c |}{col 14}{res}{space 2}  .020386{col 26}{space 2} .0744568{col 37}{space 1}    0.27{col 46}{space 3}0.784{col 54}{space 4}-.1255466{col 67}{space 3} .1663186
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 5.770704{col 26}{space 2} .0330596{col 37}{space 1}  174.55{col 46}{space 3}0.000{col 54}{space 4} 5.705908{col 67}{space 3}   5.8355
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      196{col 27}{space 1}        0{col 39}{result}{space 1}      196{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est4{txt} stored)

{com}. eststo: xi: ppmlhdfe spin_num pr_quart_4 pr_quart_1 size mtb roa io cash lev salesg_w tsr union rd, absorb(indyr)
{res}{txt}(dropped 74 observations that are either {browse "http://scorreia.com/research/singletons.pdf":singletons} or {browse "http://scorreia.com/research/separation.pdf":separated} by a fixed effect)
{res}{txt}{col  0}Iteration 1:{txt}{col 16}deviance = {res}1.6178e+04 {col 39}{txt}eps = {res}.        {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -4.31  {txt}P   
{txt}{col  0}Iteration 2:{txt}{col 16}deviance = {res}1.4461e+04 {col 39}{txt}eps = {res}1.19e-01 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -4.62  {txt}    
{txt}{col  0}Iteration 3:{txt}{col 16}deviance = {res}1.4333e+04 {col 39}{txt}eps = {res}8.90e-03 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -4.71  {txt}    
{txt}{col  0}Iteration 4:{txt}{col 16}deviance = {res}1.4330e+04 {col 39}{txt}eps = {res}2.55e-04 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -4.74  {txt}    
{txt}{col  0}Iteration 5:{txt}{col 16}deviance = {res}1.4329e+04 {col 39}{txt}eps = {res}1.21e-05 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -4.74  {txt}    
{txt}{col  0}Iteration 6:{txt}{col 16}deviance = {res}1.4329e+04 {col 39}{txt}eps = {res}1.01e-07 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-05{col 82}{txt} min(eta) = {res} -4.74  {txt}    
{txt}{col  0}Iteration 7:{txt}{col 16}deviance = {res}1.4329e+04 {col 39}{txt}eps = {res}8.21e-12 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-06{col 82}{txt} min(eta) = {res} -4.74  {txt} S O
{txt}{hline 108}
{txt}(legend: {res}p{txt}: exact partial-out   {res}s{txt}: exact solver   {res}h{txt}: step-halving   {res}o{txt}: epsilon below tolerance)
{txt}Converged in 7 iterations and 7 HDFE sub-iterations (tol = 1.0e-08)
{res}{txt}
HDFE {help ppmlhdfe##description:PPML} regression{col 51}No. of obs{col 67}={col 69}{res}     8,697
{txt}Absorbing 1 HDFE group{col 51}Residual df{col 67}={col 69}{res}     8,504
{txt}{col 51}Wald chi2({res}12{txt}){col 67}={col 69}{res}    239.18
{txt}Deviance{col 22}={col 24}{res} 14329.32584{txt}{col 51}Prob > chi2{col 67}={col 69}{res}    0.0000
{txt}Log pseudolikelihood ={col 24}{res}-9356.245386{txt}{col 51}Pseudo R2{col 67}={col 69}{res}    0.0696
{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}    spin_num{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}pr_quart_4 {c |}{col 14}{res}{space 2} .5683819{col 26}{space 2} .0890506{col 37}{space 1}    6.38{col 46}{space 3}0.000{col 54}{space 4} .3938458{col 67}{space 3} .7429179
{txt}{space 2}pr_quart_1 {c |}{col 14}{res}{space 2} -.040703{col 26}{space 2} .0975267{col 37}{space 1}   -0.42{col 46}{space 3}0.676{col 54}{space 4}-.2318517{col 67}{space 3} .1504458
{txt}{space 8}size {c |}{col 14}{res}{space 2} .1552909{col 26}{space 2} .0234756{col 37}{space 1}    6.62{col 46}{space 3}0.000{col 54}{space 4} .1092797{col 67}{space 3} .2013022
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0594715{col 26}{space 2} .0141981{col 37}{space 1}    4.19{col 46}{space 3}0.000{col 54}{space 4} .0316437{col 67}{space 3} .0872994
{txt}{space 9}roa {c |}{col 14}{res}{space 2} .4526588{col 26}{space 2} .2126946{col 37}{space 1}    2.13{col 46}{space 3}0.033{col 54}{space 4} .0357851{col 67}{space 3} .8695326
{txt}{space 10}io {c |}{col 14}{res}{space 2} .0456868{col 26}{space 2} .0463578{col 37}{space 1}    0.99{col 46}{space 3}0.324{col 54}{space 4}-.0451728{col 67}{space 3} .1365463
{txt}{space 8}cash {c |}{col 14}{res}{space 2} .5097306{col 26}{space 2} .2507093{col 37}{space 1}    2.03{col 46}{space 3}0.042{col 54}{space 4} .0183493{col 67}{space 3} 1.001112
{txt}{space 9}lev {c |}{col 14}{res}{space 2} -.388213{col 26}{space 2} .1205284{col 37}{space 1}   -3.22{col 46}{space 3}0.001{col 54}{space 4}-.6244443{col 67}{space 3}-.1519817
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2}-.0289332{col 26}{space 2} .1146593{col 37}{space 1}   -0.25{col 46}{space 3}0.801{col 54}{space 4}-.2536612{col 67}{space 3} .1957948
{txt}{space 9}tsr {c |}{col 14}{res}{space 2}-.0055331{col 26}{space 2} .0259612{col 37}{space 1}   -0.21{col 46}{space 3}0.831{col 54}{space 4}-.0564162{col 67}{space 3}   .04535
{txt}{space 7}union {c |}{col 14}{res}{space 2}-.0317401{col 26}{space 2} .0845959{col 37}{space 1}   -0.38{col 46}{space 3}0.708{col 54}{space 4} -.197545{col 67}{space 3} .1340648
{txt}{space 10}rd {c |}{col 14}{res}{space 2} .5078666{col 26}{space 2}  .339252{col 37}{space 1}    1.50{col 46}{space 3}0.134{col 54}{space 4}-.1570551{col 67}{space 3} 1.172788
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-2.254225{col 26}{space 2} .2070895{col 37}{space 1}  -10.89{col 46}{space 3}0.000{col 54}{space 4}-2.660113{col 67}{space 3}-1.848337
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      181{col 27}{space 1}        0{col 39}{result}{space 1}      181{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est5{txt} stored)

{com}. eststo: xi: ppmlhdfe explain_num pr_quart_4 pr_quart_1 size mtb roa io cash lev salesg_w tsr union rd, absorb(indyr)
{res}{txt}{col  0}Iteration 1:{txt}{col 16}deviance = {res}1.0096e+04 {col 39}{txt}eps = {res}.        {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -1.17  {txt}P   
{txt}{col  0}Iteration 2:{txt}{col 16}deviance = {res}9.9802e+03 {col 39}{txt}eps = {res}1.16e-02 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -1.62  {txt}    
{txt}{col  0}Iteration 3:{txt}{col 16}deviance = {res}9.9798e+03 {col 39}{txt}eps = {res}3.57e-05 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -1.76  {txt}    
{txt}{col  0}Iteration 4:{txt}{col 16}deviance = {res}9.9798e+03 {col 39}{txt}eps = {res}1.29e-08 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-05{col 82}{txt} min(eta) = {res} -1.77  {txt}    
{txt}{col  0}Iteration 5:{txt}{col 16}deviance = {res}9.9798e+03 {col 39}{txt}eps = {res}2.83e-13 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-06{col 82}{txt} min(eta) = {res} -1.77  {txt} S O
{txt}{hline 108}
{txt}(legend: {res}p{txt}: exact partial-out   {res}s{txt}: exact solver   {res}h{txt}: step-halving   {res}o{txt}: epsilon below tolerance)
{txt}Converged in 5 iterations and 5 HDFE sub-iterations (tol = 1.0e-08)
{res}{txt}
HDFE {help ppmlhdfe##description:PPML} regression{col 51}No. of obs{col 67}={col 69}{res}     8,771
{txt}Absorbing 1 HDFE group{col 51}Residual df{col 67}={col 69}{res}     8,563
{txt}{col 51}Wald chi2({res}12{txt}){col 67}={col 69}{res}    111.41
{txt}Deviance{col 22}={col 24}{res} 9979.846691{txt}{col 51}Prob > chi2{col 67}={col 69}{res}    0.0000
{txt}Log pseudolikelihood ={col 24}{res}-12271.59977{txt}{col 51}Pseudo R2{col 67}={col 69}{res}    0.0270
{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1} explain_num{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}pr_quart_4 {c |}{col 14}{res}{space 2} .1038931{col 26}{space 2} .0258969{col 37}{space 1}    4.01{col 46}{space 3}0.000{col 54}{space 4}  .053136{col 67}{space 3} .1546501
{txt}{space 2}pr_quart_1 {c |}{col 14}{res}{space 2}-.0943999{col 26}{space 2} .0284098{col 37}{space 1}   -3.32{col 46}{space 3}0.001{col 54}{space 4}-.1500821{col 67}{space 3}-.0387177
{txt}{space 8}size {c |}{col 14}{res}{space 2} .0187411{col 26}{space 2} .0077698{col 37}{space 1}    2.41{col 46}{space 3}0.016{col 54}{space 4} .0035126{col 67}{space 3} .0339696
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0145815{col 26}{space 2} .0056316{col 37}{space 1}    2.59{col 46}{space 3}0.010{col 54}{space 4} .0035438{col 67}{space 3} .0256192
{txt}{space 9}roa {c |}{col 14}{res}{space 2}-.1743784{col 26}{space 2} .0672955{col 37}{space 1}   -2.59{col 46}{space 3}0.010{col 54}{space 4}-.3062752{col 67}{space 3}-.0424816
{txt}{space 10}io {c |}{col 14}{res}{space 2} .0040017{col 26}{space 2} .0317744{col 37}{space 1}    0.13{col 46}{space 3}0.900{col 54}{space 4} -.058275{col 67}{space 3} .0662784
{txt}{space 8}cash {c |}{col 14}{res}{space 2} .1787888{col 26}{space 2} .0737107{col 37}{space 1}    2.43{col 46}{space 3}0.015{col 54}{space 4} .0343185{col 67}{space 3} .3232592
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.0567236{col 26}{space 2} .0407989{col 37}{space 1}   -1.39{col 46}{space 3}0.164{col 54}{space 4} -.136688{col 67}{space 3} .0232409
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2} .1114191{col 26}{space 2} .0298545{col 37}{space 1}    3.73{col 46}{space 3}0.000{col 54}{space 4} .0529053{col 67}{space 3} .1699329
{txt}{space 9}tsr {c |}{col 14}{res}{space 2} -.042276{col 26}{space 2} .0155255{col 37}{space 1}   -2.72{col 46}{space 3}0.006{col 54}{space 4}-.0727054{col 67}{space 3}-.0118467
{txt}{space 7}union {c |}{col 14}{res}{space 2} .0414532{col 26}{space 2} .0237536{col 37}{space 1}    1.75{col 46}{space 3}0.081{col 54}{space 4}-.0051031{col 67}{space 3} .0880095
{txt}{space 10}rd {c |}{col 14}{res}{space 2} .2135498{col 26}{space 2} .1613885{col 37}{space 1}    1.32{col 46}{space 3}0.186{col 54}{space 4}-.1027658{col 67}{space 3} .5298655
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} .0155791{col 26}{space 2} .0721729{col 37}{space 1}    0.22{col 46}{space 3}0.829{col 54}{space 4}-.1258773{col 67}{space 3} .1570355
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      196{col 27}{space 1}        0{col 39}{result}{space 1}      196{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est6{txt} stored)

{com}. eststo: xi: ppmlhdfe suppl_num pr_quart_4 pr_quart_1 size mtb roa io cash lev salesg_w tsr union rd, absorb(indyr)
{res}{txt}(dropped 309 observations that are either {browse "http://scorreia.com/research/singletons.pdf":singletons} or {browse "http://scorreia.com/research/separation.pdf":separated} by a fixed effect)
{res}{txt}{col  0}Iteration 1:{txt}{col 16}deviance = {res}4.0096e+03 {col 39}{txt}eps = {res}.        {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -8.37  {txt}P   
{txt}{col  0}Iteration 2:{txt}{col 16}deviance = {res}3.5156e+03 {col 39}{txt}eps = {res}1.41e-01 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-10.79  {txt}    
{txt}{col  0}Iteration 3:{txt}{col 16}deviance = {res}3.4748e+03 {col 39}{txt}eps = {res}1.17e-02 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-12.60  {txt}    
{txt}{col  0}Iteration 4:{txt}{col 16}deviance = {res}3.4741e+03 {col 39}{txt}eps = {res}2.12e-04 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-12.97  {txt}    
{txt}{col  0}Iteration 5:{txt}{col 16}deviance = {res}3.4741e+03 {col 39}{txt}eps = {res}2.89e-07 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-12.98  {txt}    
{txt}{col  0}Iteration 6:{txt}{col 16}deviance = {res}3.4741e+03 {col 39}{txt}eps = {res}2.41e-12 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-05{col 82}{txt} min(eta) = {res}-12.98  {txt} S O
{txt}{hline 108}
{txt}(legend: {res}p{txt}: exact partial-out   {res}s{txt}: exact solver   {res}h{txt}: step-halving   {res}o{txt}: epsilon below tolerance)
{txt}Converged in 6 iterations and 6 HDFE sub-iterations (tol = 1.0e-08)
{res}{txt}
HDFE {help ppmlhdfe##description:PPML} regression{col 51}No. of obs{col 67}={col 69}{res}     8,462
{txt}Absorbing 1 HDFE group{col 51}Residual df{col 67}={col 69}{res}     8,294
{txt}{col 51}Wald chi2({res}12{txt}){col 67}={col 69}{res}    342.78
{txt}Deviance{col 22}={col 24}{res} 3474.058357{txt}{col 51}Prob > chi2{col 67}={col 69}{res}    0.0000
{txt}Log pseudolikelihood ={col 24}{res}-2596.464933{txt}{col 51}Pseudo R2{col 67}={col 69}{res}    0.0994
{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}   suppl_num{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}pr_quart_4 {c |}{col 14}{res}{space 2} 1.279111{col 26}{space 2} .0845405{col 37}{space 1}   15.13{col 46}{space 3}0.000{col 54}{space 4} 1.113415{col 67}{space 3} 1.444807
{txt}{space 2}pr_quart_1 {c |}{col 14}{res}{space 2}-.6796658{col 26}{space 2} .1326154{col 37}{space 1}   -5.13{col 46}{space 3}0.000{col 54}{space 4}-.9395872{col 67}{space 3}-.4197444
{txt}{space 8}size {c |}{col 14}{res}{space 2}-.1217241{col 26}{space 2} .0262619{col 37}{space 1}   -4.64{col 46}{space 3}0.000{col 54}{space 4}-.1731966{col 67}{space 3}-.0702517
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0073456{col 26}{space 2} .0223505{col 37}{space 1}    0.33{col 46}{space 3}0.742{col 54}{space 4}-.0364606{col 67}{space 3} .0511518
{txt}{space 9}roa {c |}{col 14}{res}{space 2}  .516911{col 26}{space 2} .2847743{col 37}{space 1}    1.82{col 46}{space 3}0.069{col 54}{space 4}-.0412364{col 67}{space 3} 1.075058
{txt}{space 10}io {c |}{col 14}{res}{space 2}  -.03459{col 26}{space 2} .0647877{col 37}{space 1}   -0.53{col 46}{space 3}0.593{col 54}{space 4}-.1615715{col 67}{space 3} .0923915
{txt}{space 8}cash {c |}{col 14}{res}{space 2} .5000319{col 26}{space 2} .2454976{col 37}{space 1}    2.04{col 46}{space 3}0.042{col 54}{space 4} .0188654{col 67}{space 3} .9811983
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.2501786{col 26}{space 2} .1420316{col 37}{space 1}   -1.76{col 46}{space 3}0.078{col 54}{space 4}-.5285555{col 67}{space 3} .0281983
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2} .0135435{col 26}{space 2} .1545991{col 37}{space 1}    0.09{col 46}{space 3}0.930{col 54}{space 4}-.2894652{col 67}{space 3} .3165522
{txt}{space 9}tsr {c |}{col 14}{res}{space 2}-.3085966{col 26}{space 2} .0974765{col 37}{space 1}   -3.17{col 46}{space 3}0.002{col 54}{space 4} -.499647{col 67}{space 3}-.1175462
{txt}{space 7}union {c |}{col 14}{res}{space 2}-.0214909{col 26}{space 2} .0751033{col 37}{space 1}   -0.29{col 46}{space 3}0.775{col 54}{space 4}-.1686907{col 67}{space 3} .1257088
{txt}{space 10}rd {c |}{col 14}{res}{space 2}-.2697368{col 26}{space 2} .6834148{col 37}{space 1}   -0.39{col 46}{space 3}0.693{col 54}{space 4}-1.609205{col 67}{space 3} 1.069732
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-1.493044{col 26}{space 2} .2364634{col 37}{space 1}   -6.31{col 46}{space 3}0.000{col 54}{space 4}-1.956504{col 67}{space 3}-1.029584
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      156{col 27}{space 1}        0{col 39}{result}{space 1}      156{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est7{txt} stored)

{com}. eststo: xi: ppmlhdfe tout_num pr_quart_4 pr_quart_1 size mtb roa io cash lev salesg_w tsr union rd, absorb(indyr)
{res}{txt}(dropped 884 observations that are either {browse "http://scorreia.com/research/singletons.pdf":singletons} or {browse "http://scorreia.com/research/separation.pdf":separated} by a fixed effect)
{res}{txt}{col  0}Iteration 1:{txt}{col 16}deviance = {res}4.6631e+03 {col 39}{txt}eps = {res}.        {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -9.81  {txt}P   
{txt}{col  0}Iteration 2:{txt}{col 16}deviance = {res}3.8797e+03 {col 39}{txt}eps = {res}2.02e-01 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-11.85  {txt}    
{txt}{col  0}Iteration 3:{txt}{col 16}deviance = {res}3.7872e+03 {col 39}{txt}eps = {res}2.44e-02 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-13.62  {txt}    
{txt}{col  0}Iteration 4:{txt}{col 16}deviance = {res}3.7840e+03 {col 39}{txt}eps = {res}8.31e-04 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-14.14  {txt}    
{txt}{col  0}Iteration 5:{txt}{col 16}deviance = {res}3.7840e+03 {col 39}{txt}eps = {res}3.64e-06 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-14.16  {txt}    
{txt}{col  0}Iteration 6:{txt}{col 16}deviance = {res}3.7840e+03 {col 39}{txt}eps = {res}8.83e-10 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-05{col 82}{txt} min(eta) = {res}-14.16  {txt} S O
{txt}{hline 108}
{txt}(legend: {res}p{txt}: exact partial-out   {res}s{txt}: exact solver   {res}h{txt}: step-halving   {res}o{txt}: epsilon below tolerance)
{txt}Converged in 6 iterations and 6 HDFE sub-iterations (tol = 1.0e-08)
{res}{txt}
HDFE {help ppmlhdfe##description:PPML} regression{col 51}No. of obs{col 67}={col 69}{res}     7,887
{txt}Absorbing 1 HDFE group{col 51}Residual df{col 67}={col 69}{res}     7,745
{txt}{col 51}Wald chi2({res}12{txt}){col 67}={col 69}{res}     88.80
{txt}Deviance{col 22}={col 24}{res} 3784.018663{txt}{col 51}Prob > chi2{col 67}={col 69}{res}    0.0000
{txt}Log pseudolikelihood ={col 24}{res}-2485.506038{txt}{col 51}Pseudo R2{col 67}={col 69}{res}    0.0753
{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}    tout_num{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}pr_quart_4 {c |}{col 14}{res}{space 2}-.5888902{col 26}{space 2} .1601824{col 37}{space 1}   -3.68{col 46}{space 3}0.000{col 54}{space 4}-.9028419{col 67}{space 3}-.2749385
{txt}{space 2}pr_quart_1 {c |}{col 14}{res}{space 2} .2299484{col 26}{space 2} .1080904{col 37}{space 1}    2.13{col 46}{space 3}0.033{col 54}{space 4}  .018095{col 67}{space 3} .4418017
{txt}{space 8}size {c |}{col 14}{res}{space 2}-.0557277{col 26}{space 2} .0368805{col 37}{space 1}   -1.51{col 46}{space 3}0.131{col 54}{space 4}-.1280121{col 67}{space 3} .0165567
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0559363{col 26}{space 2} .0233387{col 37}{space 1}    2.40{col 46}{space 3}0.017{col 54}{space 4} .0101932{col 67}{space 3} .1016793
{txt}{space 9}roa {c |}{col 14}{res}{space 2}-.5001086{col 26}{space 2} .2237508{col 37}{space 1}   -2.24{col 46}{space 3}0.025{col 54}{space 4} -.938652{col 67}{space 3}-.0615652
{txt}{space 10}io {c |}{col 14}{res}{space 2} -.583221{col 26}{space 2} .2108379{col 37}{space 1}   -2.77{col 46}{space 3}0.006{col 54}{space 4}-.9964558{col 67}{space 3}-.1699863
{txt}{space 8}cash {c |}{col 14}{res}{space 2}-.7189161{col 26}{space 2} .3721052{col 37}{space 1}   -1.93{col 46}{space 3}0.053{col 54}{space 4}-1.448229{col 67}{space 3} .0103967
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.4391497{col 26}{space 2} .2389415{col 37}{space 1}   -1.84{col 46}{space 3}0.066{col 54}{space 4}-.9074663{col 67}{space 3} .0291669
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2} .0089754{col 26}{space 2} .1390603{col 37}{space 1}    0.06{col 46}{space 3}0.949{col 54}{space 4}-.2635777{col 67}{space 3} .2815286
{txt}{space 9}tsr {c |}{col 14}{res}{space 2} .0234266{col 26}{space 2} .0335983{col 37}{space 1}    0.70{col 46}{space 3}0.486{col 54}{space 4} -.042425{col 67}{space 3} .0892781
{txt}{space 7}union {c |}{col 14}{res}{space 2}-.0628474{col 26}{space 2} .1136824{col 37}{space 1}   -0.55{col 46}{space 3}0.580{col 54}{space 4}-.2856607{col 67}{space 3}  .159966
{txt}{space 10}rd {c |}{col 14}{res}{space 2} -1.02838{col 26}{space 2} .7591273{col 37}{space 1}   -1.35{col 46}{space 3}0.176{col 54}{space 4}-2.516242{col 67}{space 3} .4594818
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-1.010668{col 26}{space 2} .3348501{col 37}{space 1}   -3.02{col 46}{space 3}0.003{col 54}{space 4}-1.666962{col 67}{space 3}-.3543734
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      130{col 27}{space 1}        0{col 39}{result}{space 1}      130{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est8{txt} stored)

{com}. esttab using "Output/Tables/RF/TIA13_quartiles_robust.csv", b(3) ar2 pr2 varwidth(25) title("Quartiles PR Robustness") order(pr_quart_4 pr_quart_1) drop(gd_pay_pre_365 ln_prod_pre_365 gd_ceodis_pre_365 size mtb roa io cash lev salesg_w tsr union rd fixed_assets _cons) star(* 0.10 ** 0.05  *** 0.01 ) replace
{res}{txt}(output written to {browse  `"Output/Tables/RF/TIA13_quartiles_robust.csv"'})

{com}. 
. ********************************
. *Panel D: Terciles
. ********************************
. est clear
{txt}
{com}. eststo: xi: reghdfe gd_pay_diff_365 pr_terc_3 pr_terc_1  gd_pay_pre_365 size mtb roa io cash lev salesg_w tsr union rd ,absorb(indyr)
{res}{txt}(dropped 1 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     7,455
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   7247{txt}){col 67}= {res}    292.67
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.3648
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3467
{txt}{col 51}Within R-sq.{col 67}= {res}    0.3443
{txt}{col 51}Root MSE{col 67}= {res}    0.5163

{txt}{hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_pay_dif~365{col 16}{c |}      Coef.{col 28}   Std. Err.{col 40}      t{col 48}   P>|t|{col 56}     [95% Con{col 69}f. Interval]
{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 5}pr_terc_3 {c |}{col 16}{res}{space 2}-.0636192{col 28}{space 2} .0162723{col 39}{space 1}   -3.91{col 48}{space 3}0.000{col 56}{space 4}-.0955176{col 69}{space 3}-.0317208
{txt}{space 5}pr_terc_1 {c |}{col 16}{res}{space 2}  .067826{col 28}{space 2} .0169262{col 39}{space 1}    4.01{col 48}{space 3}0.000{col 56}{space 4} .0346457{col 69}{space 3} .1010064
{txt}gd_pay_pre_365 {c |}{col 16}{res}{space 2}-.6483898{col 28}{space 2} .0105501{col 39}{space 1}  -61.46{col 48}{space 3}0.000{col 56}{space 4} -.669071{col 69}{space 3}-.6277085
{txt}{space 10}size {c |}{col 16}{res}{space 2} .0701332{col 28}{space 2} .0052304{col 39}{space 1}   13.41{col 48}{space 3}0.000{col 56}{space 4}   .05988{col 69}{space 3} .0803863
{txt}{space 11}mtb {c |}{col 16}{res}{space 2} .0151901{col 28}{space 2}  .004251{col 39}{space 1}    3.57{col 48}{space 3}0.000{col 56}{space 4}  .006857{col 69}{space 3} .0235233
{txt}{space 11}roa {c |}{col 16}{res}{space 2} .1287479{col 28}{space 2} .0668089{col 39}{space 1}    1.93{col 48}{space 3}0.054{col 56}{space 4}-.0022169{col 69}{space 3} .2597128
{txt}{space 12}io {c |}{col 16}{res}{space 2} .0447309{col 28}{space 2} .0180171{col 39}{space 1}    2.48{col 48}{space 3}0.013{col 56}{space 4} .0094122{col 69}{space 3} .0800496
{txt}{space 10}cash {c |}{col 16}{res}{space 2} .1147267{col 28}{space 2}  .050107{col 39}{space 1}    2.29{col 48}{space 3}0.022{col 56}{space 4} .0165024{col 69}{space 3} .2129509
{txt}{space 11}lev {c |}{col 16}{res}{space 2}-.0371352{col 28}{space 2} .0271731{col 39}{space 1}   -1.37{col 48}{space 3}0.172{col 56}{space 4}-.0904024{col 69}{space 3} .0161319
{txt}{space 6}salesg_w {c |}{col 16}{res}{space 2} .0883048{col 28}{space 2}  .023363{col 39}{space 1}    3.78{col 48}{space 3}0.000{col 56}{space 4} .0425066{col 69}{space 3} .1341031
{txt}{space 11}tsr {c |}{col 16}{res}{space 2} .0276513{col 28}{space 2} .0111012{col 39}{space 1}    2.49{col 48}{space 3}0.013{col 56}{space 4} .0058898{col 69}{space 3} .0494128
{txt}{space 9}union {c |}{col 16}{res}{space 2}-.0127521{col 28}{space 2}  .015179{col 39}{space 1}   -0.84{col 48}{space 3}0.401{col 56}{space 4}-.0425073{col 69}{space 3} .0170031
{txt}{space 12}rd {c |}{col 16}{res}{space 2}  .638463{col 28}{space 2}  .131296{col 39}{space 1}    4.86{col 48}{space 3}0.000{col 56}{space 4} .3810846{col 69}{space 3} .8958413
{txt}{space 9}_cons {c |}{col 16}{res}{space 2} 1.599994{col 28}{space 2}  .054438{col 39}{space 1}   29.39{col 48}{space 3}0.000{col 56}{space 4}  1.49328{col 69}{space 3} 1.706708
{txt}{hline 15}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      195{col 27}{space 1}        0{col 39}{result}{space 1}      195{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est1{txt} stored)

{com}. eststo: xi: reghdfe ln_prod_diff pr_terc_3 pr_terc_1 ln_prod_pre_365 size mtb roa io cash lev salesg_w tsr union rd fixed_assets ,absorb(indyr)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     7,580
{txt}Absorbing 1 HDFE group{col 51}F({res}  14{txt},{res}   7370{txt}){col 67}= {res}     42.86
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1388
{txt}{col 51}Adj R-squared{col 67}= {res}    0.1143
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0753
{txt}{col 51}Root MSE{col 67}= {res}    0.3237

{txt}{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}   ln_prod_diff{col 17}{c |}      Coef.{col 29}   Std. Err.{col 41}      t{col 49}   P>|t|{col 57}     [95% Con{col 70}f. Interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}pr_terc_3 {c |}{col 17}{res}{space 2}-.0383875{col 29}{space 2} .0105902{col 40}{space 1}   -3.62{col 49}{space 3}0.000{col 57}{space 4}-.0591474{col 70}{space 3}-.0176276
{txt}{space 6}pr_terc_1 {c |}{col 17}{res}{space 2} .0118755{col 29}{space 2} .0105379{col 40}{space 1}    1.13{col 49}{space 3}0.260{col 57}{space 4}-.0087817{col 70}{space 3} .0325328
{txt}ln_prod_pre_365 {c |}{col 17}{res}{space 2}-.0841091{col 29}{space 2} .0052896{col 40}{space 1}  -15.90{col 49}{space 3}0.000{col 57}{space 4}-.0944782{col 70}{space 3}  -.07374
{txt}{space 11}size {c |}{col 17}{res}{space 2} .0188246{col 29}{space 2} .0033257{col 40}{space 1}    5.66{col 49}{space 3}0.000{col 57}{space 4} .0123052{col 70}{space 3}  .025344
{txt}{space 12}mtb {c |}{col 17}{res}{space 2} .0121412{col 29}{space 2} .0024538{col 40}{space 1}    4.95{col 49}{space 3}0.000{col 57}{space 4}  .007331{col 70}{space 3} .0169514
{txt}{space 12}roa {c |}{col 17}{res}{space 2}-.4178171{col 29}{space 2} .0378318{col 40}{space 1}  -11.04{col 49}{space 3}0.000{col 57}{space 4}-.4919783{col 70}{space 3}-.3436559
{txt}{space 13}io {c |}{col 17}{res}{space 2} .0299502{col 29}{space 2} .0140187{col 40}{space 1}    2.14{col 49}{space 3}0.033{col 57}{space 4} .0024695{col 70}{space 3} .0574309
{txt}{space 11}cash {c |}{col 17}{res}{space 2}-.0495674{col 29}{space 2} .0310633{col 40}{space 1}   -1.60{col 49}{space 3}0.111{col 57}{space 4}-.1104602{col 70}{space 3} .0113255
{txt}{space 12}lev {c |}{col 17}{res}{space 2} .0587461{col 29}{space 2}  .016705{col 40}{space 1}    3.52{col 49}{space 3}0.000{col 57}{space 4} .0259994{col 70}{space 3} .0914927
{txt}{space 7}salesg_w {c |}{col 17}{res}{space 2}-.1119187{col 29}{space 2}  .013929{col 40}{space 1}   -8.03{col 49}{space 3}0.000{col 57}{space 4}-.1392234{col 70}{space 3}-.0846139
{txt}{space 12}tsr {c |}{col 17}{res}{space 2} .0177209{col 29}{space 2} .0067713{col 40}{space 1}    2.62{col 49}{space 3}0.009{col 57}{space 4} .0044472{col 70}{space 3} .0309947
{txt}{space 10}union {c |}{col 17}{res}{space 2} -.033162{col 29}{space 2} .0095858{col 40}{space 1}   -3.46{col 49}{space 3}0.001{col 57}{space 4}-.0519529{col 70}{space 3}-.0143711
{txt}{space 13}rd {c |}{col 17}{res}{space 2}-.3880982{col 29}{space 2} .0756312{col 40}{space 1}   -5.13{col 49}{space 3}0.000{col 57}{space 4}-.5363569{col 70}{space 3}-.2398395
{txt}{space 3}fixed_assets {c |}{col 17}{res}{space 2}-.0237051{col 29}{space 2} .0256719{col 40}{space 1}   -0.92{col 49}{space 3}0.356{col 57}{space 4}-.0740295{col 70}{space 3} .0266193
{txt}{space 10}_cons {c |}{col 17}{res}{space 2} .3932296{col 29}{space 2} .0379456{col 40}{space 1}   10.36{col 49}{space 3}0.000{col 57}{space 4} .3188453{col 70}{space 3} .4676139
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      196{col 27}{space 1}        0{col 39}{result}{space 1}      196{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est2{txt} stored)

{com}. eststo: xi: reghdfe gd_ceodis_diff_365 pr_terc_3 pr_terc_1 gd_ceodis_pre_365 size mtb roa io cash lev salesg_w tsr union rd ,absorb(indyr)
{res}{txt}(dropped 1 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     7,542
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   7334{txt}){col 67}= {res}    434.04
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4673
{txt}{col 51}Adj R-squared{col 67}= {res}    0.4522
{txt}{col 51}Within R-sq.{col 67}= {res}    0.4348
{txt}{col 51}Root MSE{col 67}= {res}    0.0906

{txt}{hline 18}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_ceodis_dif~365{col 19}{c |}      Coef.{col 31}   Std. Err.{col 43}      t{col 51}   P>|t|{col 59}     [95% Con{col 72}f. Interval]
{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 8}pr_terc_3 {c |}{col 19}{res}{space 2} .0042272{col 31}{space 2} .0028388{col 42}{space 1}    1.49{col 51}{space 3}0.137{col 59}{space 4}-.0013377{col 72}{space 3}  .009792
{txt}{space 8}pr_terc_1 {c |}{col 19}{res}{space 2}-.0032845{col 31}{space 2} .0029382{col 42}{space 1}   -1.12{col 51}{space 3}0.264{col 59}{space 4}-.0090443{col 72}{space 3} .0024753
{txt}gd_ceodis_pre_365 {c |}{col 19}{res}{space 2}-.6693616{col 31}{space 2} .0089334{col 42}{space 1}  -74.93{col 51}{space 3}0.000{col 59}{space 4}-.6868736{col 72}{space 3}-.6518495
{txt}{space 13}size {c |}{col 19}{res}{space 2}-.0023938{col 31}{space 2}  .000887{col 42}{space 1}   -2.70{col 51}{space 3}0.007{col 59}{space 4}-.0041327{col 72}{space 3} -.000655
{txt}{space 14}mtb {c |}{col 19}{res}{space 2}-.0016053{col 31}{space 2} .0007357{col 42}{space 1}   -2.18{col 51}{space 3}0.029{col 59}{space 4}-.0030476{col 72}{space 3} -.000163
{txt}{space 14}roa {c |}{col 19}{res}{space 2}-.0250653{col 31}{space 2} .0113701{col 42}{space 1}   -2.20{col 51}{space 3}0.028{col 59}{space 4}-.0473539{col 72}{space 3}-.0027767
{txt}{space 15}io {c |}{col 19}{res}{space 2}-.0008243{col 31}{space 2} .0031509{col 42}{space 1}   -0.26{col 51}{space 3}0.794{col 59}{space 4} -.007001{col 72}{space 3} .0053524
{txt}{space 13}cash {c |}{col 19}{res}{space 2} .0035745{col 31}{space 2} .0087149{col 42}{space 1}    0.41{col 51}{space 3}0.682{col 59}{space 4}-.0135092{col 72}{space 3} .0206582
{txt}{space 14}lev {c |}{col 19}{res}{space 2}-.0001404{col 31}{space 2} .0046989{col 42}{space 1}   -0.03{col 51}{space 3}0.976{col 59}{space 4}-.0093516{col 72}{space 3} .0090708
{txt}{space 9}salesg_w {c |}{col 19}{res}{space 2} -.012475{col 31}{space 2} .0040485{col 42}{space 1}   -3.08{col 51}{space 3}0.002{col 59}{space 4}-.0204112{col 72}{space 3}-.0045388
{txt}{space 14}tsr {c |}{col 19}{res}{space 2}-.0021426{col 31}{space 2} .0019302{col 42}{space 1}   -1.11{col 51}{space 3}0.267{col 59}{space 4}-.0059263{col 72}{space 3} .0016411
{txt}{space 12}union {c |}{col 19}{res}{space 2}  .006712{col 31}{space 2} .0026484{col 42}{space 1}    2.53{col 51}{space 3}0.011{col 59}{space 4} .0015204{col 72}{space 3} .0119035
{txt}{space 15}rd {c |}{col 19}{res}{space 2} -.001536{col 31}{space 2} .0226586{col 42}{space 1}   -0.07{col 51}{space 3}0.946{col 59}{space 4}-.0459534{col 72}{space 3} .0428814
{txt}{space 12}_cons {c |}{col 19}{res}{space 2} .0702788{col 31}{space 2} .0084067{col 42}{space 1}    8.36{col 51}{space 3}0.000{col 59}{space 4} .0537992{col 72}{space 3} .0867584
{txt}{hline 18}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      195{col 27}{space 1}        0{col 39}{result}{space 1}      195{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est3{txt} stored)

{com}. eststo: xi: ppmlhdfe words pr_terc_3 pr_terc_1 size mtb roa io cash lev salesg_w tsr union rd, absorb(indyr)
{res}{txt}{col  0}Iteration 1:{txt}{col 16}deviance = {res}4.9642e+05 {col 39}{txt}eps = {res}.        {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}  0.06  {txt}P   
{txt}{col  0}Iteration 2:{txt}{col 16}deviance = {res}4.9497e+05 {col 39}{txt}eps = {res}2.94e-03 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}  0.00  {txt}    
{txt}{col  0}Iteration 3:{txt}{col 16}deviance = {res}4.9497e+05 {col 39}{txt}eps = {res}3.84e-07 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}  0.00  {txt}    
{txt}{col  0}Iteration 4:{txt}{col 16}deviance = {res}4.9497e+05 {col 39}{txt}eps = {res}1.33e-14 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-05{col 82}{txt} min(eta) = {res}  0.00  {txt}    
{txt}{col  0}Iteration 5:{txt}{col 16}deviance = {res}4.9497e+05 {col 39}{txt}eps = {res}0.00e+00 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-08{col 82}{txt} min(eta) = {res}  0.00  {txt} S O
{txt}{hline 108}
{txt}(legend: {res}p{txt}: exact partial-out   {res}s{txt}: exact solver   {res}h{txt}: step-halving   {res}o{txt}: epsilon below tolerance)
{txt}Converged in 5 iterations and 5 HDFE sub-iterations (tol = 1.0e-08)
{res}{txt}
HDFE {help ppmlhdfe##description:PPML} regression{col 51}No. of obs{col 67}={col 69}{res}     8,771
{txt}Absorbing 1 HDFE group{col 51}Residual df{col 67}={col 69}{res}     8,563
{txt}{col 51}Wald chi2({res}12{txt}){col 67}={col 69}{res}    235.43
{txt}Deviance{col 22}={col 24}{res} 494968.0063{txt}{col 51}Prob > chi2{col 67}={col 69}{res}    0.0000
{txt}Log pseudolikelihood ={col 24}{res}-281247.2149{txt}{col 51}Pseudo R2{col 67}={col 69}{res}    0.0745
{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}       words{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 3}pr_terc_3 {c |}{col 14}{res}{space 2} .0631563{col 26}{space 2} .0117991{col 37}{space 1}    5.35{col 46}{space 3}0.000{col 54}{space 4} .0400304{col 67}{space 3} .0862822
{txt}{space 3}pr_terc_1 {c |}{col 14}{res}{space 2}-.0518919{col 26}{space 2} .0118286{col 37}{space 1}   -4.39{col 46}{space 3}0.000{col 54}{space 4}-.0750756{col 67}{space 3}-.0287082
{txt}{space 8}size {c |}{col 14}{res}{space 2} .0196118{col 26}{space 2} .0035896{col 37}{space 1}    5.46{col 46}{space 3}0.000{col 54}{space 4} .0125764{col 67}{space 3} .0266472
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0036342{col 26}{space 2} .0026918{col 37}{space 1}    1.35{col 46}{space 3}0.177{col 54}{space 4}-.0016417{col 67}{space 3} .0089101
{txt}{space 9}roa {c |}{col 14}{res}{space 2}-.1252316{col 26}{space 2} .0400105{col 37}{space 1}   -3.13{col 46}{space 3}0.002{col 54}{space 4}-.2036508{col 67}{space 3}-.0468125
{txt}{space 10}io {c |}{col 14}{res}{space 2} .0015277{col 26}{space 2} .0166052{col 37}{space 1}    0.09{col 46}{space 3}0.927{col 54}{space 4}-.0310179{col 67}{space 3} .0340733
{txt}{space 8}cash {c |}{col 14}{res}{space 2} .0640775{col 26}{space 2}  .033113{col 37}{space 1}    1.94{col 46}{space 3}0.053{col 54}{space 4}-.0008228{col 67}{space 3} .1289778
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.0075237{col 26}{space 2} .0183677{col 37}{space 1}   -0.41{col 46}{space 3}0.682{col 54}{space 4}-.0435237{col 67}{space 3} .0284764
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2} .0133167{col 26}{space 2} .0139631{col 37}{space 1}    0.95{col 46}{space 3}0.340{col 54}{space 4}-.0140504{col 67}{space 3} .0406838
{txt}{space 9}tsr {c |}{col 14}{res}{space 2}-.0253205{col 26}{space 2} .0060997{col 37}{space 1}   -4.15{col 46}{space 3}0.000{col 54}{space 4}-.0372757{col 67}{space 3}-.0133654
{txt}{space 7}union {c |}{col 14}{res}{space 2} .0065066{col 26}{space 2} .0107172{col 37}{space 1}    0.61{col 46}{space 3}0.544{col 54}{space 4}-.0144987{col 67}{space 3} .0275119
{txt}{space 10}rd {c |}{col 14}{res}{space 2} .0194698{col 26}{space 2} .0749744{col 37}{space 1}    0.26{col 46}{space 3}0.795{col 54}{space 4}-.1274774{col 67}{space 3}  .166417
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}  5.77377{col 26}{space 2} .0340284{col 37}{space 1}  169.67{col 46}{space 3}0.000{col 54}{space 4} 5.707075{col 67}{space 3} 5.840464
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      196{col 27}{space 1}        0{col 39}{result}{space 1}      196{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est4{txt} stored)

{com}. eststo: xi: ppmlhdfe spin_num pr_terc_3 pr_terc_1 size mtb roa io cash lev salesg_w tsr union rd, absorb(indyr)
{res}{txt}(dropped 74 observations that are either {browse "http://scorreia.com/research/singletons.pdf":singletons} or {browse "http://scorreia.com/research/separation.pdf":separated} by a fixed effect)
{res}{txt}{col  0}Iteration 1:{txt}{col 16}deviance = {res}1.6180e+04 {col 39}{txt}eps = {res}.        {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -4.23  {txt}P   
{txt}{col  0}Iteration 2:{txt}{col 16}deviance = {res}1.4485e+04 {col 39}{txt}eps = {res}1.17e-01 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -4.56  {txt}    
{txt}{col  0}Iteration 3:{txt}{col 16}deviance = {res}1.4360e+04 {col 39}{txt}eps = {res}8.66e-03 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -4.67  {txt}    
{txt}{col  0}Iteration 4:{txt}{col 16}deviance = {res}1.4357e+04 {col 39}{txt}eps = {res}2.72e-04 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -4.70  {txt}    
{txt}{col  0}Iteration 5:{txt}{col 16}deviance = {res}1.4356e+04 {col 39}{txt}eps = {res}1.55e-05 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -4.70  {txt}    
{txt}{col  0}Iteration 6:{txt}{col 16}deviance = {res}1.4356e+04 {col 39}{txt}eps = {res}1.61e-07 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-05{col 82}{txt} min(eta) = {res} -4.70  {txt}    
{txt}{col  0}Iteration 7:{txt}{col 16}deviance = {res}1.4356e+04 {col 39}{txt}eps = {res}2.04e-11 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-06{col 82}{txt} min(eta) = {res} -4.70  {txt} S O
{txt}{hline 108}
{txt}(legend: {res}p{txt}: exact partial-out   {res}s{txt}: exact solver   {res}h{txt}: step-halving   {res}o{txt}: epsilon below tolerance)
{txt}Converged in 7 iterations and 7 HDFE sub-iterations (tol = 1.0e-08)
{res}{txt}
HDFE {help ppmlhdfe##description:PPML} regression{col 51}No. of obs{col 67}={col 69}{res}     8,697
{txt}Absorbing 1 HDFE group{col 51}Residual df{col 67}={col 69}{res}     8,504
{txt}{col 51}Wald chi2({res}12{txt}){col 67}={col 69}{res}    213.08
{txt}Deviance{col 22}={col 24}{res} 14356.32431{txt}{col 51}Prob > chi2{col 67}={col 69}{res}    0.0000
{txt}Log pseudolikelihood ={col 24}{res}-9369.744623{txt}{col 51}Pseudo R2{col 67}={col 69}{res}    0.0683
{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}    spin_num{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 3}pr_terc_3 {c |}{col 14}{res}{space 2} .5345334{col 26}{space 2} .0927206{col 37}{space 1}    5.76{col 46}{space 3}0.000{col 54}{space 4} .3528044{col 67}{space 3} .7162624
{txt}{space 3}pr_terc_1 {c |}{col 14}{res}{space 2}   .07296{col 26}{space 2} .0953292{col 37}{space 1}    0.77{col 46}{space 3}0.444{col 54}{space 4}-.1138819{col 67}{space 3} .2598018
{txt}{space 8}size {c |}{col 14}{res}{space 2} .1604532{col 26}{space 2} .0235895{col 37}{space 1}    6.80{col 46}{space 3}0.000{col 54}{space 4} .1142186{col 67}{space 3} .2066877
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0591333{col 26}{space 2} .0138859{col 37}{space 1}    4.26{col 46}{space 3}0.000{col 54}{space 4} .0319175{col 67}{space 3} .0863491
{txt}{space 9}roa {c |}{col 14}{res}{space 2} .4614987{col 26}{space 2} .2128923{col 37}{space 1}    2.17{col 46}{space 3}0.030{col 54}{space 4} .0442375{col 67}{space 3}   .87876
{txt}{space 10}io {c |}{col 14}{res}{space 2}  .050631{col 26}{space 2} .0457391{col 37}{space 1}    1.11{col 46}{space 3}0.268{col 54}{space 4} -.039016{col 67}{space 3}  .140278
{txt}{space 8}cash {c |}{col 14}{res}{space 2} .5150436{col 26}{space 2} .2482067{col 37}{space 1}    2.08{col 46}{space 3}0.038{col 54}{space 4} .0285673{col 67}{space 3}  1.00152
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.3841266{col 26}{space 2} .1207073{col 37}{space 1}   -3.18{col 46}{space 3}0.001{col 54}{space 4}-.6207086{col 67}{space 3}-.1475446
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2}-.0312998{col 26}{space 2} .1151148{col 37}{space 1}   -0.27{col 46}{space 3}0.786{col 54}{space 4}-.2569206{col 67}{space 3}  .194321
{txt}{space 9}tsr {c |}{col 14}{res}{space 2}-.0086248{col 26}{space 2} .0252086{col 37}{space 1}   -0.34{col 46}{space 3}0.732{col 54}{space 4}-.0580326{col 67}{space 3} .0407831
{txt}{space 7}union {c |}{col 14}{res}{space 2}-.0213063{col 26}{space 2} .0841674{col 37}{space 1}   -0.25{col 46}{space 3}0.800{col 54}{space 4}-.1862713{col 67}{space 3} .1436588
{txt}{space 10}rd {c |}{col 14}{res}{space 2} .5076397{col 26}{space 2} .3392258{col 37}{space 1}    1.50{col 46}{space 3}0.135{col 54}{space 4}-.1572307{col 67}{space 3}  1.17251
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-2.373197{col 26}{space 2} .2149836{col 37}{space 1}  -11.04{col 46}{space 3}0.000{col 54}{space 4}-2.794557{col 67}{space 3}-1.951836
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      181{col 27}{space 1}        0{col 39}{result}{space 1}      181{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est5{txt} stored)

{com}. eststo: xi: ppmlhdfe explain_num pr_terc_3 pr_terc_1 size mtb roa io cash lev salesg_w tsr union rd, absorb(indyr)
{res}{txt}{col  0}Iteration 1:{txt}{col 16}deviance = {res}1.0111e+04 {col 39}{txt}eps = {res}.        {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -1.19  {txt}P   
{txt}{col  0}Iteration 2:{txt}{col 16}deviance = {res}9.9947e+03 {col 39}{txt}eps = {res}1.16e-02 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -1.64  {txt}    
{txt}{col  0}Iteration 3:{txt}{col 16}deviance = {res}9.9944e+03 {col 39}{txt}eps = {res}3.53e-05 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -1.78  {txt}    
{txt}{col  0}Iteration 4:{txt}{col 16}deviance = {res}9.9944e+03 {col 39}{txt}eps = {res}1.22e-08 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-05{col 82}{txt} min(eta) = {res} -1.79  {txt}    
{txt}{col  0}Iteration 5:{txt}{col 16}deviance = {res}9.9944e+03 {col 39}{txt}eps = {res}2.57e-13 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-06{col 82}{txt} min(eta) = {res} -1.79  {txt} S O
{txt}{hline 108}
{txt}(legend: {res}p{txt}: exact partial-out   {res}s{txt}: exact solver   {res}h{txt}: step-halving   {res}o{txt}: epsilon below tolerance)
{txt}Converged in 5 iterations and 5 HDFE sub-iterations (tol = 1.0e-08)
{res}{txt}
HDFE {help ppmlhdfe##description:PPML} regression{col 51}No. of obs{col 67}={col 69}{res}     8,771
{txt}Absorbing 1 HDFE group{col 51}Residual df{col 67}={col 69}{res}     8,563
{txt}{col 51}Wald chi2({res}12{txt}){col 67}={col 69}{res}     98.34
{txt}Deviance{col 22}={col 24}{res}   9994.3851{txt}{col 51}Prob > chi2{col 67}={col 69}{res}    0.0000
{txt}Log pseudolikelihood ={col 24}{res}-12278.86898{txt}{col 51}Pseudo R2{col 67}={col 69}{res}    0.0264
{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1} explain_num{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 3}pr_terc_3 {c |}{col 14}{res}{space 2} .0428271{col 26}{space 2} .0254532{col 37}{space 1}    1.68{col 46}{space 3}0.092{col 54}{space 4}-.0070602{col 67}{space 3} .0927145
{txt}{space 3}pr_terc_1 {c |}{col 14}{res}{space 2}-.0795953{col 26}{space 2} .0269289{col 37}{space 1}   -2.96{col 46}{space 3}0.003{col 54}{space 4}-.1323749{col 67}{space 3}-.0268156
{txt}{space 8}size {c |}{col 14}{res}{space 2}  .024215{col 26}{space 2} .0079246{col 37}{space 1}    3.06{col 46}{space 3}0.002{col 54}{space 4} .0086831{col 67}{space 3} .0397469
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0149125{col 26}{space 2} .0056073{col 37}{space 1}    2.66{col 46}{space 3}0.008{col 54}{space 4} .0039223{col 67}{space 3} .0259027
{txt}{space 9}roa {c |}{col 14}{res}{space 2}-.1654084{col 26}{space 2} .0677126{col 37}{space 1}   -2.44{col 46}{space 3}0.015{col 54}{space 4}-.2981227{col 67}{space 3}-.0326941
{txt}{space 10}io {c |}{col 14}{res}{space 2}  .005504{col 26}{space 2} .0317908{col 37}{space 1}    0.17{col 46}{space 3}0.863{col 54}{space 4}-.0568048{col 67}{space 3} .0678127
{txt}{space 8}cash {c |}{col 14}{res}{space 2} .1777017{col 26}{space 2} .0735263{col 37}{space 1}    2.42{col 46}{space 3}0.016{col 54}{space 4} .0335929{col 67}{space 3} .3218105
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.0538846{col 26}{space 2}  .040886{col 37}{space 1}   -1.32{col 46}{space 3}0.188{col 54}{space 4}-.1340197{col 67}{space 3} .0262505
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2}  .109067{col 26}{space 2} .0299405{col 37}{space 1}    3.64{col 46}{space 3}0.000{col 54}{space 4} .0503846{col 67}{space 3} .1677493
{txt}{space 9}tsr {c |}{col 14}{res}{space 2}-.0425376{col 26}{space 2} .0153392{col 37}{space 1}   -2.77{col 46}{space 3}0.006{col 54}{space 4}-.0726019{col 67}{space 3}-.0124733
{txt}{space 7}union {c |}{col 14}{res}{space 2} .0444946{col 26}{space 2} .0237929{col 37}{space 1}    1.87{col 46}{space 3}0.061{col 54}{space 4}-.0021386{col 67}{space 3} .0911278
{txt}{space 10}rd {c |}{col 14}{res}{space 2} .2146983{col 26}{space 2} .1614271{col 37}{space 1}    1.33{col 46}{space 3}0.184{col 54}{space 4}-.1016931{col 67}{space 3} .5310897
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-.0167134{col 26}{space 2} .0741307{col 37}{space 1}   -0.23{col 46}{space 3}0.822{col 54}{space 4}-.1620069{col 67}{space 3} .1285802
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      196{col 27}{space 1}        0{col 39}{result}{space 1}      196{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est6{txt} stored)

{com}. eststo: xi: ppmlhdfe suppl_num pr_terc_3 pr_terc_1 size mtb roa io cash lev salesg_w tsr union rd, absorb(indyr)
{res}{txt}(dropped 309 observations that are either {browse "http://scorreia.com/research/singletons.pdf":singletons} or {browse "http://scorreia.com/research/separation.pdf":separated} by a fixed effect)
{res}{txt}{col  0}Iteration 1:{txt}{col 16}deviance = {res}4.0314e+03 {col 39}{txt}eps = {res}.        {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -8.79  {txt}P   
{txt}{col  0}Iteration 2:{txt}{col 16}deviance = {res}3.5296e+03 {col 39}{txt}eps = {res}1.42e-01 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-10.98  {txt}    
{txt}{col  0}Iteration 3:{txt}{col 16}deviance = {res}3.4884e+03 {col 39}{txt}eps = {res}1.18e-02 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-12.58  {txt}    
{txt}{col  0}Iteration 4:{txt}{col 16}deviance = {res}3.4877e+03 {col 39}{txt}eps = {res}2.08e-04 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-12.89  {txt}    
{txt}{col  0}Iteration 5:{txt}{col 16}deviance = {res}3.4877e+03 {col 39}{txt}eps = {res}3.92e-07 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-12.90  {txt}    
{txt}{col  0}Iteration 6:{txt}{col 16}deviance = {res}3.4877e+03 {col 39}{txt}eps = {res}2.19e-11 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-05{col 82}{txt} min(eta) = {res}-12.90  {txt} S O
{txt}{hline 108}
{txt}(legend: {res}p{txt}: exact partial-out   {res}s{txt}: exact solver   {res}h{txt}: step-halving   {res}o{txt}: epsilon below tolerance)
{txt}Converged in 6 iterations and 6 HDFE sub-iterations (tol = 1.0e-08)
{res}{txt}
HDFE {help ppmlhdfe##description:PPML} regression{col 51}No. of obs{col 67}={col 69}{res}     8,462
{txt}Absorbing 1 HDFE group{col 51}Residual df{col 67}={col 69}{res}     8,294
{txt}{col 51}Wald chi2({res}12{txt}){col 67}={col 69}{res}    319.57
{txt}Deviance{col 22}={col 24}{res} 3487.663696{txt}{col 51}Prob > chi2{col 67}={col 69}{res}    0.0000
{txt}Log pseudolikelihood ={col 24}{res}-2603.267603{txt}{col 51}Pseudo R2{col 67}={col 69}{res}    0.0971
{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}   suppl_num{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 3}pr_terc_3 {c |}{col 14}{res}{space 2} 1.142513{col 26}{space 2} .0898901{col 37}{space 1}   12.71{col 46}{space 3}0.000{col 54}{space 4} .9663313{col 67}{space 3} 1.318694
{txt}{space 3}pr_terc_1 {c |}{col 14}{res}{space 2}-.6279453{col 26}{space 2} .1259281{col 37}{space 1}   -4.99{col 46}{space 3}0.000{col 54}{space 4}-.8747598{col 67}{space 3}-.3811307
{txt}{space 8}size {c |}{col 14}{res}{space 2}-.1291563{col 26}{space 2} .0269425{col 37}{space 1}   -4.79{col 46}{space 3}0.000{col 54}{space 4}-.1819627{col 67}{space 3}-.0763499
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0020987{col 26}{space 2} .0232766{col 37}{space 1}    0.09{col 46}{space 3}0.928{col 54}{space 4}-.0435226{col 67}{space 3}   .04772
{txt}{space 9}roa {c |}{col 14}{res}{space 2} .5424875{col 26}{space 2} .2827226{col 37}{space 1}    1.92{col 46}{space 3}0.055{col 54}{space 4}-.0116386{col 67}{space 3} 1.096613
{txt}{space 10}io {c |}{col 14}{res}{space 2}-.0481768{col 26}{space 2} .0730608{col 37}{space 1}   -0.66{col 46}{space 3}0.510{col 54}{space 4}-.1913733{col 67}{space 3} .0950197
{txt}{space 8}cash {c |}{col 14}{res}{space 2} .6099106{col 26}{space 2} .2421813{col 37}{space 1}    2.52{col 46}{space 3}0.012{col 54}{space 4} .1352441{col 67}{space 3} 1.084577
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.2481158{col 26}{space 2}  .143871{col 37}{space 1}   -1.72{col 46}{space 3}0.085{col 54}{space 4}-.5300979{col 67}{space 3} .0338662
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2} .0079428{col 26}{space 2} .1574144{col 37}{space 1}    0.05{col 46}{space 3}0.960{col 54}{space 4}-.3005838{col 67}{space 3} .3164695
{txt}{space 9}tsr {c |}{col 14}{res}{space 2} -.305963{col 26}{space 2} .0973434{col 37}{space 1}   -3.14{col 46}{space 3}0.002{col 54}{space 4}-.4967526{col 67}{space 3}-.1151735
{txt}{space 7}union {c |}{col 14}{res}{space 2}-.0034943{col 26}{space 2} .0759031{col 37}{space 1}   -0.05{col 46}{space 3}0.963{col 54}{space 4}-.1522616{col 67}{space 3} .1452731
{txt}{space 10}rd {c |}{col 14}{res}{space 2}-.1913688{col 26}{space 2} .6359424{col 37}{space 1}   -0.30{col 46}{space 3}0.763{col 54}{space 4}-1.437793{col 67}{space 3} 1.055055
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-1.453832{col 26}{space 2} .2488476{col 37}{space 1}   -5.84{col 46}{space 3}0.000{col 54}{space 4}-1.941564{col 67}{space 3}-.9660994
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      156{col 27}{space 1}        0{col 39}{result}{space 1}      156{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est7{txt} stored)

{com}. eststo: xi: ppmlhdfe tout_num pr_terc_3 pr_terc_1 size mtb roa io cash lev salesg_w tsr union rd, absorb(indyr)
{res}{txt}(dropped 884 observations that are either {browse "http://scorreia.com/research/singletons.pdf":singletons} or {browse "http://scorreia.com/research/separation.pdf":separated} by a fixed effect)
{res}{txt}{col  0}Iteration 1:{txt}{col 16}deviance = {res}4.6884e+03 {col 39}{txt}eps = {res}.        {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -9.86  {txt}P   
{txt}{col  0}Iteration 2:{txt}{col 16}deviance = {res}3.8968e+03 {col 39}{txt}eps = {res}2.03e-01 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-11.76  {txt}    
{txt}{col  0}Iteration 3:{txt}{col 16}deviance = {res}3.8018e+03 {col 39}{txt}eps = {res}2.50e-02 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-13.40  {txt}    
{txt}{col  0}Iteration 4:{txt}{col 16}deviance = {res}3.7985e+03 {col 39}{txt}eps = {res}8.70e-04 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-13.90  {txt}    
{txt}{col  0}Iteration 5:{txt}{col 16}deviance = {res}3.7985e+03 {col 39}{txt}eps = {res}3.01e-06 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-13.92  {txt}    
{txt}{col  0}Iteration 6:{txt}{col 16}deviance = {res}3.7985e+03 {col 39}{txt}eps = {res}2.11e-10 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-05{col 82}{txt} min(eta) = {res}-13.92  {txt} S O
{txt}{hline 108}
{txt}(legend: {res}p{txt}: exact partial-out   {res}s{txt}: exact solver   {res}h{txt}: step-halving   {res}o{txt}: epsilon below tolerance)
{txt}Converged in 6 iterations and 6 HDFE sub-iterations (tol = 1.0e-08)
{res}{txt}
HDFE {help ppmlhdfe##description:PPML} regression{col 51}No. of obs{col 67}={col 69}{res}     7,887
{txt}Absorbing 1 HDFE group{col 51}Residual df{col 67}={col 69}{res}     7,745
{txt}{col 51}Wald chi2({res}12{txt}){col 67}={col 69}{res}     84.90
{txt}Deviance{col 22}={col 24}{res} 3798.479622{txt}{col 51}Prob > chi2{col 67}={col 69}{res}    0.0000
{txt}Log pseudolikelihood ={col 24}{res}-2492.736518{txt}{col 51}Pseudo R2{col 67}={col 69}{res}    0.0726
{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}    tout_num{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 3}pr_terc_3 {c |}{col 14}{res}{space 2}-.2151667{col 26}{space 2} .1366807{col 37}{space 1}   -1.57{col 46}{space 3}0.115{col 54}{space 4} -.483056{col 67}{space 3} .0527226
{txt}{space 3}pr_terc_1 {c |}{col 14}{res}{space 2} .2376645{col 26}{space 2} .1107553{col 37}{space 1}    2.15{col 46}{space 3}0.032{col 54}{space 4} .0205882{col 67}{space 3} .4547408
{txt}{space 8}size {c |}{col 14}{res}{space 2}-.0688729{col 26}{space 2} .0383233{col 37}{space 1}   -1.80{col 46}{space 3}0.072{col 54}{space 4}-.1439852{col 67}{space 3} .0062393
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0540434{col 26}{space 2} .0232419{col 37}{space 1}    2.33{col 46}{space 3}0.020{col 54}{space 4} .0084901{col 67}{space 3} .0995967
{txt}{space 9}roa {c |}{col 14}{res}{space 2}-.5108527{col 26}{space 2} .2144654{col 37}{space 1}   -2.38{col 46}{space 3}0.017{col 54}{space 4}-.9311971{col 67}{space 3}-.0905083
{txt}{space 10}io {c |}{col 14}{res}{space 2}-.5782266{col 26}{space 2} .2105037{col 37}{space 1}   -2.75{col 46}{space 3}0.006{col 54}{space 4}-.9908063{col 67}{space 3}-.1656468
{txt}{space 8}cash {c |}{col 14}{res}{space 2}-.7123209{col 26}{space 2} .3741637{col 37}{space 1}   -1.90{col 46}{space 3}0.057{col 54}{space 4}-1.445668{col 67}{space 3} .0210266
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.4439761{col 26}{space 2}  .235992{col 37}{space 1}   -1.88{col 46}{space 3}0.060{col 54}{space 4}-.9065118{col 67}{space 3} .0185597
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2} .0149559{col 26}{space 2} .1392187{col 37}{space 1}    0.11{col 46}{space 3}0.914{col 54}{space 4}-.2579078{col 67}{space 3} .2878195
{txt}{space 9}tsr {c |}{col 14}{res}{space 2} .0243344{col 26}{space 2} .0338178{col 37}{space 1}    0.72{col 46}{space 3}0.472{col 54}{space 4}-.0419473{col 67}{space 3} .0906161
{txt}{space 7}union {c |}{col 14}{res}{space 2}-.0818002{col 26}{space 2} .1132224{col 37}{space 1}   -0.72{col 46}{space 3}0.470{col 54}{space 4} -.303712{col 67}{space 3} .1401116
{txt}{space 10}rd {c |}{col 14}{res}{space 2}-1.009071{col 26}{space 2} .7493073{col 37}{space 1}   -1.35{col 46}{space 3}0.178{col 54}{space 4}-2.477686{col 67}{space 3} .4595448
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-.9581743{col 26}{space 2} .3530751{col 37}{space 1}   -2.71{col 46}{space 3}0.007{col 54}{space 4}-1.650189{col 67}{space 3}-.2661598
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      130{col 27}{space 1}        0{col 39}{result}{space 1}      130{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est8{txt} stored)

{com}. esttab using "Output/Tables/RF/TIA13_terciles_robust.csv", b(3) ar2 pr2 varwidth(25) title("Terciles PR Robustness") order(pr_terc_3 pr_terc_1) drop(gd_pay_pre_365 ln_prod_pre_365 gd_ceodis_pre_365 size mtb roa io cash lev salesg_w tsr union rd fixed_assets _cons) star(* 0.10 ** 0.05  *** 0.01 ) replace
{res}{txt}(output written to {browse  `"Output/Tables/RF/TIA13_terciles_robust.csv"'})

{com}. 
. ********************************
. *Panel E: Continuous
. ********************************
. est clear
{txt}
{com}. eststo: xi: reghdfe gd_pay_diff_365 ln_pr gd_pay_pre_365 size mtb roa io cash lev salesg_w tsr union rd ,absorb(indyr)
{res}{txt}(dropped 1 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     7,438
{txt}Absorbing 1 HDFE group{col 51}F({res}  12{txt},{res}   7231{txt}){col 67}= {res}    316.36
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.3649
{txt}{col 51}Adj R-squared{col 67}= {res}    0.3468
{txt}{col 51}Within R-sq.{col 67}= {res}    0.3443
{txt}{col 51}Root MSE{col 67}= {res}    0.5167

{txt}{hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_pay_dif~365{col 16}{c |}      Coef.{col 28}   Std. Err.{col 40}      t{col 48}   P>|t|{col 56}     [95% Con{col 69}f. Interval]
{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 9}ln_pr {c |}{col 16}{res}{space 2}-.0410505{col 28}{space 2} .0066133{col 39}{space 1}   -6.21{col 48}{space 3}0.000{col 56}{space 4}-.0540145{col 69}{space 3}-.0280865
{txt}gd_pay_pre_365 {c |}{col 16}{res}{space 2}-.6483269{col 28}{space 2} .0105612{col 39}{space 1}  -61.39{col 48}{space 3}0.000{col 56}{space 4}-.6690299{col 69}{space 3}-.6276239
{txt}{space 10}size {c |}{col 16}{res}{space 2} .0664165{col 28}{space 2} .0049898{col 39}{space 1}   13.31{col 48}{space 3}0.000{col 56}{space 4} .0566351{col 69}{space 3}  .076198
{txt}{space 11}mtb {c |}{col 16}{res}{space 2} .0146189{col 28}{space 2} .0042621{col 39}{space 1}    3.43{col 48}{space 3}0.001{col 56}{space 4}  .006264{col 69}{space 3} .0229739
{txt}{space 11}roa {c |}{col 16}{res}{space 2}  .125853{col 28}{space 2}  .066974{col 39}{space 1}    1.88{col 48}{space 3}0.060{col 56}{space 4}-.0054355{col 69}{space 3} .2571416
{txt}{space 12}io {c |}{col 16}{res}{space 2} .0469144{col 28}{space 2} .0180384{col 39}{space 1}    2.60{col 48}{space 3}0.009{col 56}{space 4} .0115539{col 69}{space 3} .0822749
{txt}{space 10}cash {c |}{col 16}{res}{space 2} .1111701{col 28}{space 2} .0502226{col 39}{space 1}    2.21{col 48}{space 3}0.027{col 56}{space 4} .0127192{col 69}{space 3}  .209621
{txt}{space 11}lev {c |}{col 16}{res}{space 2}-.0381273{col 28}{space 2} .0271957{col 39}{space 1}   -1.40{col 48}{space 3}0.161{col 56}{space 4}-.0914389{col 69}{space 3} .0151843
{txt}{space 6}salesg_w {c |}{col 16}{res}{space 2} .0875174{col 28}{space 2} .0234066{col 39}{space 1}    3.74{col 48}{space 3}0.000{col 56}{space 4} .0416337{col 69}{space 3} .1334012
{txt}{space 11}tsr {c |}{col 16}{res}{space 2} .0295536{col 28}{space 2} .0112099{col 39}{space 1}    2.64{col 48}{space 3}0.008{col 56}{space 4}  .007579{col 69}{space 3} .0515281
{txt}{space 9}union {c |}{col 16}{res}{space 2} -.012154{col 28}{space 2}   .01522{col 39}{space 1}   -0.80{col 48}{space 3}0.425{col 56}{space 4}-.0419897{col 69}{space 3} .0176817
{txt}{space 12}rd {c |}{col 16}{res}{space 2} .6369024{col 28}{space 2} .1315434{col 39}{space 1}    4.84{col 48}{space 3}0.000{col 56}{space 4} .3790389{col 69}{space 3} .8947658
{txt}{space 9}_cons {c |}{col 16}{res}{space 2} 1.808246{col 28}{space 2} .0514302{col 39}{space 1}   35.16{col 48}{space 3}0.000{col 56}{space 4} 1.707428{col 69}{space 3} 1.909065
{txt}{hline 15}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      195{col 27}{space 1}        0{col 39}{result}{space 1}      195{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est1{txt} stored)

{com}. eststo: xi: reghdfe ln_prod_diff ln_pr ln_prod_pre_365 size mtb roa io cash lev salesg_w tsr union rd fixed_assets, absorb(indyr)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     7,560
{txt}Absorbing 1 HDFE group{col 51}F({res}  13{txt},{res}   7351{txt}){col 67}= {res}     46.19
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1388
{txt}{col 51}Adj R-squared{col 67}= {res}    0.1144
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0755
{txt}{col 51}Root MSE{col 67}= {res}    0.3240

{txt}{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}   ln_prod_diff{col 17}{c |}      Coef.{col 29}   Std. Err.{col 41}      t{col 49}   P>|t|{col 57}     [95% Con{col 70}f. Interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 10}ln_pr {c |}{col 17}{res}{space 2}-.0173998{col 29}{space 2}  .004312{col 40}{space 1}   -4.04{col 49}{space 3}0.000{col 57}{space 4}-.0258526{col 70}{space 3}-.0089471
{txt}ln_prod_pre_365 {c |}{col 17}{res}{space 2}-.0851739{col 29}{space 2} .0053604{col 40}{space 1}  -15.89{col 49}{space 3}0.000{col 57}{space 4}-.0956818{col 70}{space 3} -.074666
{txt}{space 11}size {c |}{col 17}{res}{space 2} .0179679{col 29}{space 2} .0031945{col 40}{space 1}    5.62{col 49}{space 3}0.000{col 57}{space 4} .0117057{col 70}{space 3} .0242301
{txt}{space 12}mtb {c |}{col 17}{res}{space 2} .0117802{col 29}{space 2} .0024621{col 40}{space 1}    4.78{col 49}{space 3}0.000{col 57}{space 4} .0069539{col 70}{space 3} .0166066
{txt}{space 12}roa {c |}{col 17}{res}{space 2} -.414992{col 29}{space 2} .0380602{col 40}{space 1}  -10.90{col 49}{space 3}0.000{col 57}{space 4}-.4896008{col 70}{space 3}-.3403832
{txt}{space 13}io {c |}{col 17}{res}{space 2} .0359234{col 29}{space 2} .0140424{col 40}{space 1}    2.56{col 49}{space 3}0.011{col 57}{space 4} .0083963{col 70}{space 3} .0634504
{txt}{space 11}cash {c |}{col 17}{res}{space 2}-.0572964{col 29}{space 2} .0311735{col 40}{space 1}   -1.84{col 49}{space 3}0.066{col 57}{space 4}-.1184053{col 70}{space 3} .0038125
{txt}{space 12}lev {c |}{col 17}{res}{space 2} .0575035{col 29}{space 2} .0167109{col 40}{space 1}    3.44{col 49}{space 3}0.001{col 57}{space 4} .0247452{col 70}{space 3} .0902617
{txt}{space 7}salesg_w {c |}{col 17}{res}{space 2}-.1128966{col 29}{space 2} .0139962{col 40}{space 1}   -8.07{col 49}{space 3}0.000{col 57}{space 4}-.1403331{col 70}{space 3}-.0854601
{txt}{space 12}tsr {c |}{col 17}{res}{space 2} .0182596{col 29}{space 2} .0068371{col 40}{space 1}    2.67{col 49}{space 3}0.008{col 57}{space 4} .0048569{col 70}{space 3} .0316623
{txt}{space 10}union {c |}{col 17}{res}{space 2}-.0327541{col 29}{space 2} .0096129{col 40}{space 1}   -3.41{col 49}{space 3}0.001{col 57}{space 4}-.0515982{col 70}{space 3}  -.01391
{txt}{space 13}rd {c |}{col 17}{res}{space 2}-.3891343{col 29}{space 2} .0758046{col 40}{space 1}   -5.13{col 49}{space 3}0.000{col 57}{space 4} -.537733{col 70}{space 3}-.2405356
{txt}{space 3}fixed_assets {c |}{col 17}{res}{space 2}-.0209482{col 29}{space 2}  .025716{col 40}{space 1}   -0.81{col 49}{space 3}0.415{col 57}{space 4} -.071359{col 70}{space 3} .0294625
{txt}{space 10}_cons {c |}{col 17}{res}{space 2} .4693831{col 29}{space 2} .0393319{col 40}{space 1}   11.93{col 49}{space 3}0.000{col 57}{space 4} .3922813{col 70}{space 3} .5464849
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      196{col 27}{space 1}        0{col 39}{result}{space 1}      196{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est2{txt} stored)

{com}. eststo: xi: reghdfe gd_ceodis_diff_365 ln_pr gd_ceodis_pre_365 size mtb roa io cash lev salesg_w tsr union rd ,absorb(indyr)
{res}{txt}(dropped 1 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     7,523
{txt}Absorbing 1 HDFE group{col 51}F({res}  12{txt},{res}   7316{txt}){col 67}= {res}    469.76
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.4677
{txt}{col 51}Adj R-squared{col 67}= {res}    0.4527
{txt}{col 51}Within R-sq.{col 67}= {res}    0.4352
{txt}{col 51}Root MSE{col 67}= {res}    0.0906

{txt}{hline 18}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}gd_ceodis_dif~365{col 19}{c |}      Coef.{col 31}   Std. Err.{col 43}      t{col 51}   P>|t|{col 59}     [95% Con{col 72}f. Interval]
{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 12}ln_pr {c |}{col 19}{res}{space 2} .0021334{col 31}{space 2} .0011487{col 42}{space 1}    1.86{col 51}{space 3}0.063{col 59}{space 4}-.0001184{col 72}{space 3} .0043851
{txt}gd_ceodis_pre_365 {c |}{col 19}{res}{space 2}-.6697017{col 31}{space 2} .0089412{col 42}{space 1}  -74.90{col 51}{space 3}0.000{col 59}{space 4} -.687229{col 72}{space 3}-.6521743
{txt}{space 13}size {c |}{col 19}{res}{space 2}-.0020785{col 31}{space 2} .0008477{col 42}{space 1}   -2.45{col 51}{space 3}0.014{col 59}{space 4}-.0037402{col 72}{space 3}-.0004167
{txt}{space 14}mtb {c |}{col 19}{res}{space 2}-.0016106{col 31}{space 2} .0007376{col 42}{space 1}   -2.18{col 51}{space 3}0.029{col 59}{space 4}-.0030565{col 72}{space 3}-.0001646
{txt}{space 14}roa {c |}{col 19}{res}{space 2}-.0240986{col 31}{space 2} .0113934{col 42}{space 1}   -2.12{col 51}{space 3}0.034{col 59}{space 4}-.0464329{col 72}{space 3}-.0017644
{txt}{space 15}io {c |}{col 19}{res}{space 2}-.0010373{col 31}{space 2} .0031538{col 42}{space 1}   -0.33{col 51}{space 3}0.742{col 59}{space 4}-.0072197{col 72}{space 3}  .005145
{txt}{space 13}cash {c |}{col 19}{res}{space 2} .0045401{col 31}{space 2} .0087324{col 42}{space 1}    0.52{col 51}{space 3}0.603{col 59}{space 4}-.0125779{col 72}{space 3} .0216581
{txt}{space 14}lev {c |}{col 19}{res}{space 2} .0001065{col 31}{space 2} .0047015{col 42}{space 1}    0.02{col 51}{space 3}0.982{col 59}{space 4}-.0091097{col 72}{space 3} .0093227
{txt}{space 9}salesg_w {c |}{col 19}{res}{space 2}-.0125314{col 31}{space 2}  .004059{col 42}{space 1}   -3.09{col 51}{space 3}0.002{col 59}{space 4}-.0204882{col 72}{space 3}-.0045745
{txt}{space 14}tsr {c |}{col 19}{res}{space 2}-.0022222{col 31}{space 2} .0019484{col 42}{space 1}   -1.14{col 51}{space 3}0.254{col 59}{space 4}-.0060417{col 72}{space 3} .0015972
{txt}{space 12}union {c |}{col 19}{res}{space 2} .0067017{col 31}{space 2} .0026544{col 42}{space 1}    2.52{col 51}{space 3}0.012{col 59}{space 4} .0014982{col 72}{space 3} .0119052
{txt}{space 15}rd {c |}{col 19}{res}{space 2}-.0020668{col 31}{space 2} .0227131{col 42}{space 1}   -0.09{col 51}{space 3}0.927{col 59}{space 4} -.046591{col 72}{space 3} .0424573
{txt}{space 12}_cons {c |}{col 19}{res}{space 2} .0587795{col 31}{space 2} .0074319{col 42}{space 1}    7.91{col 51}{space 3}0.000{col 59}{space 4} .0442109{col 72}{space 3} .0733481
{txt}{hline 18}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      195{col 27}{space 1}        0{col 39}{result}{space 1}      195{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est3{txt} stored)

{com}. eststo: xi: ppmlhdfe words ln_pr size mtb roa io cash lev salesg_w tsr union rd, absorb(indyr)
{res}{txt}{col  0}Iteration 1:{txt}{col 16}deviance = {res}4.9269e+05 {col 39}{txt}eps = {res}.        {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}  0.08  {txt}P   
{txt}{col  0}Iteration 2:{txt}{col 16}deviance = {res}4.9124e+05 {col 39}{txt}eps = {res}2.95e-03 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}  0.01  {txt}    
{txt}{col  0}Iteration 3:{txt}{col 16}deviance = {res}4.9124e+05 {col 39}{txt}eps = {res}3.88e-07 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}  0.01  {txt}    
{txt}{col  0}Iteration 4:{txt}{col 16}deviance = {res}4.9124e+05 {col 39}{txt}eps = {res}1.31e-14 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-05{col 82}{txt} min(eta) = {res}  0.01  {txt}    
{txt}{col  0}Iteration 5:{txt}{col 16}deviance = {res}4.9124e+05 {col 39}{txt}eps = {res}0.00e+00 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-08{col 82}{txt} min(eta) = {res}  0.01  {txt} S O
{txt}{hline 108}
{txt}(legend: {res}p{txt}: exact partial-out   {res}s{txt}: exact solver   {res}h{txt}: step-halving   {res}o{txt}: epsilon below tolerance)
{txt}Converged in 5 iterations and 5 HDFE sub-iterations (tol = 1.0e-08)
{res}{txt}
HDFE {help ppmlhdfe##description:PPML} regression{col 51}No. of obs{col 67}={col 69}{res}     8,742
{txt}Absorbing 1 HDFE group{col 51}Residual df{col 67}={col 69}{res}     8,535
{txt}{col 51}Wald chi2({res}11{txt}){col 67}={col 69}{res}    241.27
{txt}Deviance{col 22}={col 24}{res} 491238.9041{txt}{col 51}Prob > chi2{col 67}={col 69}{res}    0.0000
{txt}Log pseudolikelihood ={col 24}{res}-279272.1524{txt}{col 51}Pseudo R2{col 67}={col 69}{res}    0.0778
{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}       words{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 7}ln_pr {c |}{col 14}{res}{space 2} .0449372{col 26}{space 2} .0058026{col 37}{space 1}    7.74{col 46}{space 3}0.000{col 54}{space 4} .0335642{col 67}{space 3} .0563101
{txt}{space 8}size {c |}{col 14}{res}{space 2}  .019682{col 26}{space 2} .0036347{col 37}{space 1}    5.42{col 46}{space 3}0.000{col 54}{space 4} .0125581{col 67}{space 3} .0268059
{txt}{space 9}mtb {c |}{col 14}{res}{space 2}  .003891{col 26}{space 2}  .002707{col 37}{space 1}    1.44{col 46}{space 3}0.151{col 54}{space 4}-.0014146{col 67}{space 3} .0091966
{txt}{space 9}roa {c |}{col 14}{res}{space 2}-.1401472{col 26}{space 2} .0409452{col 37}{space 1}   -3.42{col 46}{space 3}0.001{col 54}{space 4}-.2203983{col 67}{space 3} -.059896
{txt}{space 10}io {c |}{col 14}{res}{space 2}-.0036594{col 26}{space 2} .0157103{col 37}{space 1}   -0.23{col 46}{space 3}0.816{col 54}{space 4} -.034451{col 67}{space 3} .0271322
{txt}{space 8}cash {c |}{col 14}{res}{space 2} .0781125{col 26}{space 2} .0330125{col 37}{space 1}    2.37{col 46}{space 3}0.018{col 54}{space 4} .0134092{col 67}{space 3} .1428158
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.0087733{col 26}{space 2} .0182908{col 37}{space 1}   -0.48{col 46}{space 3}0.631{col 54}{space 4}-.0446226{col 67}{space 3}  .027076
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2} .0146599{col 26}{space 2}   .01397{col 37}{space 1}    1.05{col 46}{space 3}0.294{col 54}{space 4}-.0127208{col 67}{space 3} .0420406
{txt}{space 9}tsr {c |}{col 14}{res}{space 2}-.0259505{col 26}{space 2} .0061461{col 37}{space 1}   -4.22{col 46}{space 3}0.000{col 54}{space 4}-.0379966{col 67}{space 3}-.0139044
{txt}{space 7}union {c |}{col 14}{res}{space 2} .0036894{col 26}{space 2} .0107435{col 37}{space 1}    0.34{col 46}{space 3}0.731{col 54}{space 4}-.0173675{col 67}{space 3} .0247462
{txt}{space 10}rd {c |}{col 14}{res}{space 2} .0144975{col 26}{space 2} .0758147{col 37}{space 1}    0.19{col 46}{space 3}0.848{col 54}{space 4}-.1340966{col 67}{space 3} .1630916
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 5.587232{col 26}{space 2}  .028626{col 37}{space 1}  195.18{col 46}{space 3}0.000{col 54}{space 4} 5.531126{col 67}{space 3} 5.643338
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      196{col 27}{space 1}        0{col 39}{result}{space 1}      196{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est4{txt} stored)

{com}. eststo: xi: ppmlhdfe spin_num ln_pr size mtb roa io cash lev salesg_w tsr union rd, absorb(indyr)
{res}{txt}(dropped 74 observations that are either {browse "http://scorreia.com/research/singletons.pdf":singletons} or {browse "http://scorreia.com/research/separation.pdf":separated} by a fixed effect)
{res}{txt}{col  0}Iteration 1:{txt}{col 16}deviance = {res}1.6082e+04 {col 39}{txt}eps = {res}.        {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -4.50  {txt}P   
{txt}{col  0}Iteration 2:{txt}{col 16}deviance = {res}1.4420e+04 {col 39}{txt}eps = {res}1.15e-01 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -4.82  {txt}    
{txt}{col  0}Iteration 3:{txt}{col 16}deviance = {res}1.4306e+04 {col 39}{txt}eps = {res}7.97e-03 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -4.92  {txt}    
{txt}{col  0}Iteration 4:{txt}{col 16}deviance = {res}1.4304e+04 {col 39}{txt}eps = {res}1.03e-04 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -4.94  {txt}    
{txt}{col  0}Iteration 5:{txt}{col 16}deviance = {res}1.4304e+04 {col 39}{txt}eps = {res}1.20e-07 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -4.94  {txt}    
{txt}{col  0}Iteration 6:{txt}{col 16}deviance = {res}1.4304e+04 {col 39}{txt}eps = {res}3.35e-12 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-05{col 82}{txt} min(eta) = {res} -4.94  {txt} S O
{txt}{hline 108}
{txt}(legend: {res}p{txt}: exact partial-out   {res}s{txt}: exact solver   {res}h{txt}: step-halving   {res}o{txt}: epsilon below tolerance)
{txt}Converged in 6 iterations and 6 HDFE sub-iterations (tol = 1.0e-08)
{res}{txt}
HDFE {help ppmlhdfe##description:PPML} regression{col 51}No. of obs{col 67}={col 69}{res}     8,668
{txt}Absorbing 1 HDFE group{col 51}Residual df{col 67}={col 69}{res}     8,476
{txt}{col 51}Wald chi2({res}11{txt}){col 67}={col 69}{res}    199.52
{txt}Deviance{col 22}={col 24}{res} 14304.17906{txt}{col 51}Prob > chi2{col 67}={col 69}{res}    0.0000
{txt}Log pseudolikelihood ={col 24}{res}-9335.671997{txt}{col 51}Pseudo R2{col 67}={col 69}{res}    0.0699
{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}    spin_num{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 7}ln_pr {c |}{col 14}{res}{space 2}  .249827{col 26}{space 2} .0363115{col 37}{space 1}    6.88{col 46}{space 3}0.000{col 54}{space 4} .1786578{col 67}{space 3} .3209962
{txt}{space 8}size {c |}{col 14}{res}{space 2} .1432814{col 26}{space 2} .0235431{col 37}{space 1}    6.09{col 46}{space 3}0.000{col 54}{space 4} .0971379{col 67}{space 3}  .189425
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0578835{col 26}{space 2} .0145232{col 37}{space 1}    3.99{col 46}{space 3}0.000{col 54}{space 4} .0294186{col 67}{space 3} .0863484
{txt}{space 9}roa {c |}{col 14}{res}{space 2} .3485412{col 26}{space 2} .2227895{col 37}{space 1}    1.56{col 46}{space 3}0.118{col 54}{space 4}-.0881181{col 67}{space 3} .7852006
{txt}{space 10}io {c |}{col 14}{res}{space 2} .0190438{col 26}{space 2}  .054462{col 37}{space 1}    0.35{col 46}{space 3}0.727{col 54}{space 4}-.0876998{col 67}{space 3} .1257873
{txt}{space 8}cash {c |}{col 14}{res}{space 2} .6325733{col 26}{space 2} .2508069{col 37}{space 1}    2.52{col 46}{space 3}0.012{col 54}{space 4} .1410008{col 67}{space 3} 1.124146
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.3738719{col 26}{space 2} .1205567{col 37}{space 1}   -3.10{col 46}{space 3}0.002{col 54}{space 4}-.6101587{col 67}{space 3} -.137585
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2}-.0134138{col 26}{space 2} .1164143{col 37}{space 1}   -0.12{col 46}{space 3}0.908{col 54}{space 4}-.2415816{col 67}{space 3} .2147541
{txt}{space 9}tsr {c |}{col 14}{res}{space 2}-.0070162{col 26}{space 2} .0255382{col 37}{space 1}   -0.27{col 46}{space 3}0.784{col 54}{space 4}-.0570701{col 67}{space 3} .0430378
{txt}{space 7}union {c |}{col 14}{res}{space 2} -.037792{col 26}{space 2} .0837056{col 37}{space 1}   -0.45{col 46}{space 3}0.652{col 54}{space 4} -.201852{col 67}{space 3}  .126268
{txt}{space 10}rd {c |}{col 14}{res}{space 2} .4646782{col 26}{space 2} .3390821{col 37}{space 1}    1.37{col 46}{space 3}0.171{col 54}{space 4}-.1999106{col 67}{space 3} 1.129267
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-3.097333{col 26}{space 2}  .208834{col 37}{space 1}  -14.83{col 46}{space 3}0.000{col 54}{space 4} -3.50664{col 67}{space 3}-2.688026
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      181{col 27}{space 1}        0{col 39}{result}{space 1}      181{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est5{txt} stored)

{com}. eststo: xi: ppmlhdfe explain_num ln_pr size mtb roa io cash lev salesg_w tsr union rd, absorb(indyr)
{res}{txt}{col  0}Iteration 1:{txt}{col 16}deviance = {res}1.0034e+04 {col 39}{txt}eps = {res}.        {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -1.18  {txt}P   
{txt}{col  0}Iteration 2:{txt}{col 16}deviance = {res}9.9183e+03 {col 39}{txt}eps = {res}1.17e-02 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -1.62  {txt}    
{txt}{col  0}Iteration 3:{txt}{col 16}deviance = {res}9.9179e+03 {col 39}{txt}eps = {res}3.82e-05 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -1.76  {txt}    
{txt}{col  0}Iteration 4:{txt}{col 16}deviance = {res}9.9179e+03 {col 39}{txt}eps = {res}1.50e-08 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-05{col 82}{txt} min(eta) = {res} -1.77  {txt}    
{txt}{col  0}Iteration 5:{txt}{col 16}deviance = {res}9.9179e+03 {col 39}{txt}eps = {res}2.57e-13 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-06{col 82}{txt} min(eta) = {res} -1.77  {txt} S O
{txt}{hline 108}
{txt}(legend: {res}p{txt}: exact partial-out   {res}s{txt}: exact solver   {res}h{txt}: step-halving   {res}o{txt}: epsilon below tolerance)
{txt}Converged in 5 iterations and 5 HDFE sub-iterations (tol = 1.0e-08)
{res}{txt}
HDFE {help ppmlhdfe##description:PPML} regression{col 51}No. of obs{col 67}={col 69}{res}     8,742
{txt}Absorbing 1 HDFE group{col 51}Residual df{col 67}={col 69}{res}     8,535
{txt}{col 51}Wald chi2({res}11{txt}){col 67}={col 69}{res}    130.36
{txt}Deviance{col 22}={col 24}{res}  9917.90132{txt}{col 51}Prob > chi2{col 67}={col 69}{res}    0.0000
{txt}Log pseudolikelihood ={col 24}{res}-12216.18857{txt}{col 51}Pseudo R2{col 67}={col 69}{res}    0.0283
{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1} explain_num{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 7}ln_pr {c |}{col 14}{res}{space 2} .0801801{col 26}{space 2} .0124656{col 37}{space 1}    6.43{col 46}{space 3}0.000{col 54}{space 4}  .055748{col 67}{space 3} .1046122
{txt}{space 8}size {c |}{col 14}{res}{space 2} .0117806{col 26}{space 2}  .008157{col 37}{space 1}    1.44{col 46}{space 3}0.149{col 54}{space 4}-.0042068{col 67}{space 3}  .027768
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0157645{col 26}{space 2} .0056233{col 37}{space 1}    2.80{col 46}{space 3}0.005{col 54}{space 4}  .004743{col 67}{space 3}  .026786
{txt}{space 9}roa {c |}{col 14}{res}{space 2}-.1943091{col 26}{space 2} .0679021{col 37}{space 1}   -2.86{col 46}{space 3}0.004{col 54}{space 4}-.3273947{col 67}{space 3}-.0612235
{txt}{space 10}io {c |}{col 14}{res}{space 2}-.0085939{col 26}{space 2} .0310586{col 37}{space 1}   -0.28{col 46}{space 3}0.782{col 54}{space 4}-.0694678{col 67}{space 3} .0522799
{txt}{space 8}cash {c |}{col 14}{res}{space 2} .2025618{col 26}{space 2} .0735098{col 37}{space 1}    2.76{col 46}{space 3}0.006{col 54}{space 4} .0584851{col 67}{space 3} .3466384
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.0588023{col 26}{space 2} .0406205{col 37}{space 1}   -1.45{col 46}{space 3}0.148{col 54}{space 4}-.1384171{col 67}{space 3} .0208124
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2} .1162298{col 26}{space 2} .0297788{col 37}{space 1}    3.90{col 46}{space 3}0.000{col 54}{space 4} .0578646{col 67}{space 3} .1745951
{txt}{space 9}tsr {c |}{col 14}{res}{space 2}-.0472502{col 26}{space 2}  .015923{col 37}{space 1}   -2.97{col 46}{space 3}0.003{col 54}{space 4}-.0784586{col 67}{space 3}-.0160417
{txt}{space 7}union {c |}{col 14}{res}{space 2} .0339117{col 26}{space 2} .0238041{col 37}{space 1}    1.42{col 46}{space 3}0.154{col 54}{space 4}-.0127435{col 67}{space 3} .0805668
{txt}{space 10}rd {c |}{col 14}{res}{space 2} .2073403{col 26}{space 2} .1640308{col 37}{space 1}    1.26{col 46}{space 3}0.206{col 54}{space 4}-.1141541{col 67}{space 3} .5288347
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-.2647033{col 26}{space 2} .0648077{col 37}{space 1}   -4.08{col 46}{space 3}0.000{col 54}{space 4}-.3917241{col 67}{space 3}-.1376826
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      196{col 27}{space 1}        0{col 39}{result}{space 1}      196{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est6{txt} stored)

{com}. eststo: xi: ppmlhdfe suppl_num ln_pr size mtb roa io cash lev salesg_w tsr union rd, absorb(indyr)
{res}{txt}(dropped 309 observations that are either {browse "http://scorreia.com/research/singletons.pdf":singletons} or {browse "http://scorreia.com/research/separation.pdf":separated} by a fixed effect)
{res}{txt}{col  0}Iteration 1:{txt}{col 16}deviance = {res}3.8811e+03 {col 39}{txt}eps = {res}.        {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -9.21  {txt}P   
{txt}{col  0}Iteration 2:{txt}{col 16}deviance = {res}3.4432e+03 {col 39}{txt}eps = {res}1.27e-01 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-10.30  {txt}    
{txt}{col  0}Iteration 3:{txt}{col 16}deviance = {res}3.4100e+03 {col 39}{txt}eps = {res}9.75e-03 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-11.85  {txt}    
{txt}{col  0}Iteration 4:{txt}{col 16}deviance = {res}3.4095e+03 {col 39}{txt}eps = {res}1.45e-04 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-12.20  {txt}    
{txt}{col  0}Iteration 5:{txt}{col 16}deviance = {res}3.4095e+03 {col 39}{txt}eps = {res}1.37e-07 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-12.20  {txt}    
{txt}{col  0}Iteration 6:{txt}{col 16}deviance = {res}3.4095e+03 {col 39}{txt}eps = {res}7.18e-13 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-05{col 82}{txt} min(eta) = {res}-12.20  {txt} S O
{txt}{hline 108}
{txt}(legend: {res}p{txt}: exact partial-out   {res}s{txt}: exact solver   {res}h{txt}: step-halving   {res}o{txt}: epsilon below tolerance)
{txt}Converged in 6 iterations and 6 HDFE sub-iterations (tol = 1.0e-08)
{res}{txt}
HDFE {help ppmlhdfe##description:PPML} regression{col 51}No. of obs{col 67}={col 69}{res}     8,433
{txt}Absorbing 1 HDFE group{col 51}Residual df{col 67}={col 69}{res}     8,266
{txt}{col 51}Wald chi2({res}11{txt}){col 67}={col 69}{res}    398.60
{txt}Deviance{col 22}={col 24}{res} 3409.482845{txt}{col 51}Prob > chi2{col 67}={col 69}{res}    0.0000
{txt}Log pseudolikelihood ={col 24}{res}-2563.177177{txt}{col 51}Pseudo R2{col 67}={col 69}{res}    0.1094
{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}   suppl_num{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 7}ln_pr {c |}{col 14}{res}{space 2} .7007732{col 26}{space 2} .0385759{col 37}{space 1}   18.17{col 46}{space 3}0.000{col 54}{space 4} .6251659{col 67}{space 3} .7763805
{txt}{space 8}size {c |}{col 14}{res}{space 2}-.1533299{col 26}{space 2} .0274506{col 37}{space 1}   -5.59{col 46}{space 3}0.000{col 54}{space 4}-.2071322{col 67}{space 3}-.0995276
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0058776{col 26}{space 2} .0239525{col 37}{space 1}    0.25{col 46}{space 3}0.806{col 54}{space 4}-.0410686{col 67}{space 3} .0528237
{txt}{space 9}roa {c |}{col 14}{res}{space 2} .4204702{col 26}{space 2} .3133296{col 37}{space 1}    1.34{col 46}{space 3}0.180{col 54}{space 4}-.1936446{col 67}{space 3} 1.034585
{txt}{space 10}io {c |}{col 14}{res}{space 2}-.0894845{col 26}{space 2} .0981087{col 37}{space 1}   -0.91{col 46}{space 3}0.362{col 54}{space 4} -.281774{col 67}{space 3} .1028051
{txt}{space 8}cash {c |}{col 14}{res}{space 2}  .501773{col 26}{space 2} .2522457{col 37}{space 1}    1.99{col 46}{space 3}0.047{col 54}{space 4} .0073806{col 67}{space 3} .9961654
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.2076715{col 26}{space 2} .1435876{col 37}{space 1}   -1.45{col 46}{space 3}0.148{col 54}{space 4} -.489098{col 67}{space 3}  .073755
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2}  .021836{col 26}{space 2}  .163604{col 37}{space 1}    0.13{col 46}{space 3}0.894{col 54}{space 4}-.2988219{col 67}{space 3} .3424939
{txt}{space 9}tsr {c |}{col 14}{res}{space 2}-.2938016{col 26}{space 2} .0980635{col 37}{space 1}   -3.00{col 46}{space 3}0.003{col 54}{space 4}-.4860024{col 67}{space 3}-.1016008
{txt}{space 7}union {c |}{col 14}{res}{space 2}-.0363617{col 26}{space 2} .0739121{col 37}{space 1}   -0.49{col 46}{space 3}0.623{col 54}{space 4}-.1812267{col 67}{space 3} .1085034
{txt}{space 10}rd {c |}{col 14}{res}{space 2}-.0963959{col 26}{space 2} .5875986{col 37}{space 1}   -0.16{col 46}{space 3}0.870{col 54}{space 4}-1.248068{col 67}{space 3} 1.055276
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-4.128499{col 26}{space 2} .2381041{col 37}{space 1}  -17.34{col 46}{space 3}0.000{col 54}{space 4}-4.595175{col 67}{space 3}-3.661823
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      156{col 27}{space 1}        0{col 39}{result}{space 1}      156{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est7{txt} stored)

{com}. eststo: xi: ppmlhdfe tout_num ln_pr size mtb roa io cash lev salesg_w tsr union rd, absorb(indyr)
{res}{txt}(dropped 884 observations that are either {browse "http://scorreia.com/research/singletons.pdf":singletons} or {browse "http://scorreia.com/research/separation.pdf":separated} by a fixed effect)
{res}{txt}{col  0}Iteration 1:{txt}{col 16}deviance = {res}4.8720e+03 {col 39}{txt}eps = {res}.        {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res} -8.71  {txt}P   
{txt}{col  0}Iteration 2:{txt}{col 16}deviance = {res}3.9492e+03 {col 39}{txt}eps = {res}2.34e-01 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-10.13  {txt}    
{txt}{col  0}Iteration 3:{txt}{col 16}deviance = {res}3.8061e+03 {col 39}{txt}eps = {res}3.76e-02 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-11.65  {txt}    
{txt}{col  0}Iteration 4:{txt}{col 16}deviance = {res}3.7887e+03 {col 39}{txt}eps = {res}4.60e-03 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-12.75  {txt}    
{txt}{col  0}Iteration 5:{txt}{col 16}deviance = {res}3.7868e+03 {col 39}{txt}eps = {res}4.86e-04 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-13.18  {txt}    
{txt}{col  0}Iteration 6:{txt}{col 16}deviance = {res}3.7868e+03 {col 39}{txt}eps = {res}1.05e-05 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-04{col 82}{txt} min(eta) = {res}-13.24  {txt}    
{txt}{col  0}Iteration 7:{txt}{col 16}deviance = {res}3.7868e+03 {col 39}{txt}eps = {res}5.78e-09 {txt}{col 55}{txt}iters = {res}1{col 68}{txt}tol ={res} 1.0e-05{col 82}{txt} min(eta) = {res}-13.24  {txt} S O
{txt}{hline 108}
{txt}(legend: {res}p{txt}: exact partial-out   {res}s{txt}: exact solver   {res}h{txt}: step-halving   {res}o{txt}: epsilon below tolerance)
{txt}Converged in 7 iterations and 7 HDFE sub-iterations (tol = 1.0e-08)
{res}{txt}
HDFE {help ppmlhdfe##description:PPML} regression{col 51}No. of obs{col 67}={col 69}{res}     7,858
{txt}Absorbing 1 HDFE group{col 51}Residual df{col 67}={col 69}{res}     7,717
{txt}{col 51}Wald chi2({res}11{txt}){col 67}={col 69}{res}     97.85
{txt}Deviance{col 22}={col 24}{res} 3786.802591{txt}{col 51}Prob > chi2{col 67}={col 69}{res}    0.0000
{txt}Log pseudolikelihood ={col 24}{res}-2485.898002{txt}{col 51}Pseudo R2{col 67}={col 69}{res}    0.0734
{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}    tout_num{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 7}ln_pr {c |}{col 14}{res}{space 2}-.1443593{col 26}{space 2}  .031045{col 37}{space 1}   -4.65{col 46}{space 3}0.000{col 54}{space 4}-.2052064{col 67}{space 3}-.0835122
{txt}{space 8}size {c |}{col 14}{res}{space 2} -.077413{col 26}{space 2} .0347184{col 37}{space 1}   -2.23{col 46}{space 3}0.026{col 54}{space 4}-.1454598{col 67}{space 3}-.0093662
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0486856{col 26}{space 2} .0233852{col 37}{space 1}    2.08{col 46}{space 3}0.037{col 54}{space 4} .0028515{col 67}{space 3} .0945197
{txt}{space 9}roa {c |}{col 14}{res}{space 2}-.4598946{col 26}{space 2}  .205179{col 37}{space 1}   -2.24{col 46}{space 3}0.025{col 54}{space 4}-.8620379{col 67}{space 3}-.0577512
{txt}{space 10}io {c |}{col 14}{res}{space 2}-.5389112{col 26}{space 2} .2113073{col 37}{space 1}   -2.55{col 46}{space 3}0.011{col 54}{space 4}-.9530659{col 67}{space 3}-.1247564
{txt}{space 8}cash {c |}{col 14}{res}{space 2}-.7886326{col 26}{space 2} .3730637{col 37}{space 1}   -2.11{col 46}{space 3}0.035{col 54}{space 4}-1.519824{col 67}{space 3}-.0574413
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.4579079{col 26}{space 2} .2337791{col 37}{space 1}   -1.96{col 46}{space 3}0.050{col 54}{space 4}-.9161065{col 67}{space 3} .0002907
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2} .0145998{col 26}{space 2} .1403022{col 37}{space 1}    0.10{col 46}{space 3}0.917{col 54}{space 4}-.2603875{col 67}{space 3}  .289587
{txt}{space 9}tsr {c |}{col 14}{res}{space 2} .0302728{col 26}{space 2} .0330065{col 37}{space 1}    0.92{col 46}{space 3}0.359{col 54}{space 4}-.0344187{col 67}{space 3} .0949643
{txt}{space 7}union {c |}{col 14}{res}{space 2}-.0633136{col 26}{space 2} .1135667{col 37}{space 1}   -0.56{col 46}{space 3}0.577{col 54}{space 4}-.2859003{col 67}{space 3}  .159273
{txt}{space 10}rd {c |}{col 14}{res}{space 2}-.9206734{col 26}{space 2} .7359482{col 37}{space 1}   -1.25{col 46}{space 3}0.211{col 54}{space 4}-2.363105{col 67}{space 3} .5217585
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-.2736615{col 26}{space 2} .3018997{col 37}{space 1}   -0.91{col 46}{space 3}0.365{col 54}{space 4} -.865374{col 67}{space 3} .3180509
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      130{col 27}{space 1}        0{col 39}{result}{space 1}      130{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est8{txt} stored)

{com}. esttab using "Output/Tables/RF/TIA13_continuous_robust.csv", b(3) ar2 pr2 varwidth(25) title("Continuous PR Robustness") order(ln_pr) drop(gd_pay_pre_365 ln_prod_pre_365 gd_ceodis_pre_365 size mtb roa io cash lev salesg_w tsr union rd fixed_assets _cons) star(* 0.10 ** 0.05  *** 0.01 ) replace
{res}{txt}(output written to {browse  `"Output/Tables/RF/TIA13_continuous_robust.csv"'})

{com}. 
{txt}end of do-file

{com}. 
. // ------------------------- Table IA14: Firm Disclosure and Indicator Variables
. do Code/produce_tableIA14
{txt}
{com}. 
. ************************************************************************************************************
. **#                                                     TABLE IA-14 - FIRM DISCLOSURE AND INDICATOR VARIABLES
. ************************************************************************************************************
. 
. capture cd "C:\Users\austin.starkweather\Dropbox\Research\CEO Pay Ratio\Analysis"
{txt}
{com}. capture cd "/Users/joshw/Dropbox/CEO Pay Ratio/Analysis/"
{txt}
{com}. use "Data/Temp/dataset_main.dta", clear
{txt}
{com}. 
. ********************
. *Spin Indicator
. ********************
. est clear
{txt}
{com}. eststo: xi: reghdfe spin_ind pr_quint_5 pr_quint_1 size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1, absorb(ffi49)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     2,401
{txt}Absorbing 1 HDFE group{col 51}F({res}  12{txt},{res}   2340{txt}){col 67}= {res}      4.21
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.0397
{txt}{col 51}Adj R-squared{col 67}= {res}    0.0151
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0211
{txt}{col 51}Root MSE{col 67}= {res}    0.3995

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}    spin_ind{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}pr_quint_5 {c |}{col 14}{res}{space 2} .0984812{col 26}{space 2} .0250248{col 37}{space 1}    3.94{col 46}{space 3}0.000{col 54}{space 4}  .049408{col 67}{space 3} .1475544
{txt}{space 2}pr_quint_1 {c |}{col 14}{res}{space 2} .0096982{col 26}{space 2}  .024876{col 37}{space 1}    0.39{col 46}{space 3}0.697{col 54}{space 4} -.039083{col 67}{space 3} .0584794
{txt}{space 8}size {c |}{col 14}{res}{space 2} .0152925{col 26}{space 2} .0065417{col 37}{space 1}    2.34{col 46}{space 3}0.019{col 54}{space 4} .0024644{col 67}{space 3} .0281206
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0038385{col 26}{space 2} .0055582{col 37}{space 1}    0.69{col 46}{space 3}0.490{col 54}{space 4} -.007061{col 67}{space 3} .0147379
{txt}{space 9}roa {c |}{col 14}{res}{space 2} .0092053{col 26}{space 2} .0690517{col 37}{space 1}    0.13{col 46}{space 3}0.894{col 54}{space 4}-.1262035{col 67}{space 3} .1446141
{txt}{space 10}io {c |}{col 14}{res}{space 2}-.0015524{col 26}{space 2} .0357384{col 37}{space 1}   -0.04{col 46}{space 3}0.965{col 54}{space 4}-.0716347{col 67}{space 3} .0685299
{txt}{space 8}cash {c |}{col 14}{res}{space 2} .1137665{col 26}{space 2} .0613741{col 37}{space 1}    1.85{col 46}{space 3}0.064{col 54}{space 4}-.0065868{col 67}{space 3} .2341197
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.0895445{col 26}{space 2} .0383625{col 37}{space 1}   -2.33{col 46}{space 3}0.020{col 54}{space 4}-.1647725{col 67}{space 3}-.0143165
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2}-.0133335{col 26}{space 2} .0275562{col 37}{space 1}   -0.48{col 46}{space 3}0.629{col 54}{space 4}-.0673707{col 67}{space 3} .0407036
{txt}{space 9}tsr {c |}{col 14}{res}{space 2} .0477487{col 26}{space 2} .0200767{col 37}{space 1}    2.38{col 46}{space 3}0.017{col 54}{space 4} .0083788{col 67}{space 3} .0871187
{txt}{space 7}union {c |}{col 14}{res}{space 2}-.0111749{col 26}{space 2} .0215437{col 37}{space 1}   -0.52{col 46}{space 3}0.604{col 54}{space 4}-.0534216{col 67}{space 3} .0310717
{txt}{space 10}rd {c |}{col 14}{res}{space 2} .0029721{col 26}{space 2} .0935323{col 37}{space 1}    0.03{col 46}{space 3}0.975{col 54}{space 4}-.1804428{col 67}{space 3}  .186387
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} .0553705{col 26}{space 2} .0597059{col 37}{space 1}    0.93{col 46}{space 3}0.354{col 54}{space 4}-.0617115{col 67}{space 3} .1724525
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       49{col 27}{space 1}        0{col 39}{result}{space 1}       49{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est1{txt} stored)

{com}. eststo: xi: reghdfe spin_ind pr_quint_5 pr_quint_1 size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1, absorb(indyr)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     6,370
{txt}Absorbing 1 HDFE group{col 51}F({res}  12{txt},{res}   6211{txt}){col 67}= {res}     12.18
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.0513
{txt}{col 51}Adj R-squared{col 67}= {res}    0.0271
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0230
{txt}{col 51}Root MSE{col 67}= {res}    0.3983

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}    spin_ind{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}pr_quint_5 {c |}{col 14}{res}{space 2} .1093948{col 26}{space 2} .0151338{col 37}{space 1}    7.23{col 46}{space 3}0.000{col 54}{space 4} .0797273{col 67}{space 3} .1390623
{txt}{space 2}pr_quint_1 {c |}{col 14}{res}{space 2} .0026185{col 26}{space 2} .0148462{col 37}{space 1}    0.18{col 46}{space 3}0.860{col 54}{space 4}-.0264852{col 67}{space 3} .0317221
{txt}{space 8}size {c |}{col 14}{res}{space 2} .0214478{col 26}{space 2} .0040878{col 37}{space 1}    5.25{col 46}{space 3}0.000{col 54}{space 4} .0134343{col 67}{space 3} .0294612
{txt}{space 9}mtb {c |}{col 14}{res}{space 2}  .013974{col 26}{space 2} .0032489{col 37}{space 1}    4.30{col 46}{space 3}0.000{col 54}{space 4}  .007605{col 67}{space 3} .0203431
{txt}{space 9}roa {c |}{col 14}{res}{space 2}-.0471633{col 26}{space 2} .0450695{col 37}{space 1}   -1.05{col 46}{space 3}0.295{col 54}{space 4} -.135515{col 67}{space 3} .0411885
{txt}{space 10}io {c |}{col 14}{res}{space 2}-.0127132{col 26}{space 2}   .01408{col 37}{space 1}   -0.90{col 46}{space 3}0.367{col 54}{space 4}-.0403149{col 67}{space 3} .0148884
{txt}{space 8}cash {c |}{col 14}{res}{space 2} .0302426{col 26}{space 2} .0411951{col 37}{space 1}    0.73{col 46}{space 3}0.463{col 54}{space 4} -.050514{col 67}{space 3} .1109992
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.0228683{col 26}{space 2} .0219746{col 37}{space 1}   -1.04{col 46}{space 3}0.298{col 54}{space 4}-.0659461{col 67}{space 3} .0202094
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2} .0219478{col 26}{space 2} .0182699{col 37}{space 1}    1.20{col 46}{space 3}0.230{col 54}{space 4}-.0138675{col 67}{space 3} .0577632
{txt}{space 9}tsr {c |}{col 14}{res}{space 2}-.0059395{col 26}{space 2} .0069811{col 37}{space 1}   -0.85{col 46}{space 3}0.395{col 54}{space 4}-.0196248{col 67}{space 3} .0077459
{txt}{space 7}union {c |}{col 14}{res}{space 2} -.021913{col 26}{space 2} .0127788{col 37}{space 1}   -1.71{col 46}{space 3}0.086{col 54}{space 4} -.046964{col 67}{space 3} .0031379
{txt}{space 10}rd {c |}{col 14}{res}{space 2} .0130937{col 26}{space 2} .0972828{col 37}{space 1}    0.13{col 46}{space 3}0.893{col 54}{space 4}-.1776144{col 67}{space 3} .2038017
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} .0078739{col 26}{space 2} .0378899{col 37}{space 1}    0.21{col 46}{space 3}0.835{col 54}{space 4}-.0664035{col 67}{space 3} .0821513
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      147{col 27}{space 1}        0{col 39}{result}{space 1}      147{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est2{txt} stored)

{com}. eststo: xi: reghdfe spin_ind ln_upr ln_epr size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1, absorb(ffi49)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     2,215
{txt}Absorbing 1 HDFE group{col 51}F({res}  12{txt},{res}   2154{txt}){col 67}= {res}      4.81
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.0463
{txt}{col 51}Adj R-squared{col 67}= {res}    0.0198
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0261
{txt}{col 51}Root MSE{col 67}= {res}    0.3981

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}    spin_ind{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}ln_upr {c |}{col 14}{res}{space 2} .0378547{col 26}{space 2} .0103341{col 37}{space 1}    3.66{col 46}{space 3}0.000{col 54}{space 4} .0175889{col 67}{space 3} .0581206
{txt}{space 6}ln_epr {c |}{col 14}{res}{space 2} .0705186{col 26}{space 2} .0356665{col 37}{space 1}    1.98{col 46}{space 3}0.048{col 54}{space 4} .0005742{col 67}{space 3}  .140463
{txt}{space 8}size {c |}{col 14}{res}{space 2} .0027805{col 26}{space 2} .0145014{col 37}{space 1}    0.19{col 46}{space 3}0.848{col 54}{space 4}-.0256578{col 67}{space 3} .0312188
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0001318{col 26}{space 2} .0059295{col 37}{space 1}    0.02{col 46}{space 3}0.982{col 54}{space 4}-.0114964{col 67}{space 3} .0117599
{txt}{space 9}roa {c |}{col 14}{res}{space 2} .0161288{col 26}{space 2} .0770682{col 37}{space 1}    0.21{col 46}{space 3}0.834{col 54}{space 4} -.135007{col 67}{space 3} .1672645
{txt}{space 10}io {c |}{col 14}{res}{space 2} .0030559{col 26}{space 2} .0380681{col 37}{space 1}    0.08{col 46}{space 3}0.936{col 54}{space 4}-.0715981{col 67}{space 3} .0777099
{txt}{space 8}cash {c |}{col 14}{res}{space 2} .1633482{col 26}{space 2}   .06666{col 37}{space 1}    2.45{col 46}{space 3}0.014{col 54}{space 4} .0326236{col 67}{space 3} .2940729
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.1082105{col 26}{space 2} .0394197{col 37}{space 1}   -2.75{col 46}{space 3}0.006{col 54}{space 4}-.1855151{col 67}{space 3}-.0309058
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2}-.0160892{col 26}{space 2} .0295388{col 37}{space 1}   -0.54{col 46}{space 3}0.586{col 54}{space 4}-.0740167{col 67}{space 3} .0418383
{txt}{space 9}tsr {c |}{col 14}{res}{space 2} .0436202{col 26}{space 2} .0211734{col 37}{space 1}    2.06{col 46}{space 3}0.040{col 54}{space 4} .0020977{col 67}{space 3} .0851426
{txt}{space 7}union {c |}{col 14}{res}{space 2}-.0120165{col 26}{space 2} .0225301{col 37}{space 1}   -0.53{col 46}{space 3}0.594{col 54}{space 4}-.0561996{col 67}{space 3} .0321665
{txt}{space 10}rd {c |}{col 14}{res}{space 2} .1074037{col 26}{space 2} .1644969{col 37}{space 1}    0.65{col 46}{space 3}0.514{col 54}{space 4}-.2151856{col 67}{space 3} .4299931
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-.1261712{col 26}{space 2} .0716243{col 37}{space 1}   -1.76{col 46}{space 3}0.078{col 54}{space 4}-.2666312{col 67}{space 3} .0142887
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       49{col 27}{space 1}        0{col 39}{result}{space 1}       49{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est3{txt} stored)

{com}. eststo: xi: reghdfe spin_ind ln_upr ln_epr size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1, absorb(indyr)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     6,002
{txt}Absorbing 1 HDFE group{col 51}F({res}  12{txt},{res}   5843{txt}){col 67}= {res}     12.96
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.0562
{txt}{col 51}Adj R-squared{col 67}= {res}    0.0307
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0259
{txt}{col 51}Root MSE{col 67}= {res}    0.3973

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}    spin_ind{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}ln_upr {c |}{col 14}{res}{space 2} .0409994{col 26}{space 2} .0065209{col 37}{space 1}    6.29{col 46}{space 3}0.000{col 54}{space 4} .0282159{col 67}{space 3} .0537828
{txt}{space 6}ln_epr {c |}{col 14}{res}{space 2} .0799735{col 26}{space 2} .0222076{col 37}{space 1}    3.60{col 46}{space 3}0.000{col 54}{space 4} .0364383{col 67}{space 3} .1235087
{txt}{space 8}size {c |}{col 14}{res}{space 2} .0054152{col 26}{space 2} .0089795{col 37}{space 1}    0.60{col 46}{space 3}0.546{col 54}{space 4}-.0121879{col 67}{space 3} .0230183
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0122451{col 26}{space 2} .0034199{col 37}{space 1}    3.58{col 46}{space 3}0.000{col 54}{space 4} .0055407{col 67}{space 3} .0189494
{txt}{space 9}roa {c |}{col 14}{res}{space 2}-.0271917{col 26}{space 2} .0517622{col 37}{space 1}   -0.53{col 46}{space 3}0.599{col 54}{space 4}-.1286648{col 67}{space 3} .0742815
{txt}{space 10}io {c |}{col 14}{res}{space 2}-.0149701{col 26}{space 2} .0142316{col 37}{space 1}   -1.05{col 46}{space 3}0.293{col 54}{space 4}-.0428692{col 67}{space 3}  .012929
{txt}{space 8}cash {c |}{col 14}{res}{space 2} .0672737{col 26}{space 2} .0431189{col 37}{space 1}    1.56{col 46}{space 3}0.119{col 54}{space 4}-.0172553{col 67}{space 3} .1518027
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.0244645{col 26}{space 2}  .022812{col 37}{space 1}   -1.07{col 46}{space 3}0.284{col 54}{space 4}-.0691845{col 67}{space 3} .0202554
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2} .0307994{col 26}{space 2} .0194182{col 37}{space 1}    1.59{col 46}{space 3}0.113{col 54}{space 4}-.0072675{col 67}{space 3} .0688662
{txt}{space 9}tsr {c |}{col 14}{res}{space 2}-.0037428{col 26}{space 2} .0087329{col 37}{space 1}   -0.43{col 46}{space 3}0.668{col 54}{space 4}-.0208625{col 67}{space 3} .0133769
{txt}{space 7}union {c |}{col 14}{res}{space 2}-.0258748{col 26}{space 2} .0132148{col 37}{space 1}   -1.96{col 46}{space 3}0.050{col 54}{space 4}-.0517807{col 67}{space 3} .0000312
{txt}{space 10}rd {c |}{col 14}{res}{space 2} .1119766{col 26}{space 2} .1061808{col 37}{space 1}    1.05{col 46}{space 3}0.292{col 54}{space 4} -.096177{col 67}{space 3} .3201303
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-.1871979{col 26}{space 2} .0439602{col 37}{space 1}   -4.26{col 46}{space 3}0.000{col 54}{space 4}-.2733762{col 67}{space 3}-.1010196
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      147{col 27}{space 1}        0{col 39}{result}{space 1}      147{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est4{txt} stored)

{com}. esttab using "Output/Tables/RF/TIA14_firm_spin_indicator.csv", b(3) ar2 varwidth(25) title("Spin Indicator")  order(pr_quint_5 pr_quint_1 ln_upr ln_epr size mtb roa io cash lev salesg_w tsr union rd) star(* 0.10 ** 0.05  *** 0.01 ) drop( _cons) replace
{res}{txt}(output written to {browse  `"Output/Tables/RF/TIA14_firm_spin_indicator.csv"'})

{com}.        
. ********************
. *Explain Indicator
. ********************
. est clear
{txt}
{com}. eststo: xi: reghdfe explain_ind pr_quint_5 pr_quint_1 size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1, absorb(ffi49)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     2,401
{txt}Absorbing 1 HDFE group{col 51}F({res}  12{txt},{res}   2340{txt}){col 67}= {res}      4.08
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.0619
{txt}{col 51}Adj R-squared{col 67}= {res}    0.0378
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0205
{txt}{col 51}Root MSE{col 67}= {res}    0.4518

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1} explain_ind{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}pr_quint_5 {c |}{col 14}{res}{space 2} .0508341{col 26}{space 2} .0283065{col 37}{space 1}    1.80{col 46}{space 3}0.073{col 54}{space 4}-.0046744{col 67}{space 3} .1063426
{txt}{space 2}pr_quint_1 {c |}{col 14}{res}{space 2} -.112462{col 26}{space 2} .0281382{col 37}{space 1}   -4.00{col 46}{space 3}0.000{col 54}{space 4}-.1676403{col 67}{space 3}-.0572837
{txt}{space 8}size {c |}{col 14}{res}{space 2}-.0002485{col 26}{space 2} .0073996{col 37}{space 1}   -0.03{col 46}{space 3}0.973{col 54}{space 4}-.0147589{col 67}{space 3} .0142619
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0088948{col 26}{space 2} .0062871{col 37}{space 1}    1.41{col 46}{space 3}0.157{col 54}{space 4} -.003434{col 67}{space 3} .0212236
{txt}{space 9}roa {c |}{col 14}{res}{space 2} -.066654{col 26}{space 2}  .078107{col 37}{space 1}   -0.85{col 46}{space 3}0.394{col 54}{space 4}-.2198201{col 67}{space 3} .0865121
{txt}{space 10}io {c |}{col 14}{res}{space 2} .0874246{col 26}{space 2} .0404251{col 37}{space 1}    2.16{col 46}{space 3}0.031{col 54}{space 4} .0081519{col 67}{space 3} .1666973
{txt}{space 8}cash {c |}{col 14}{res}{space 2} .0897257{col 26}{space 2} .0694226{col 37}{space 1}    1.29{col 46}{space 3}0.196{col 54}{space 4}-.0464105{col 67}{space 3} .2258619
{txt}{space 9}lev {c |}{col 14}{res}{space 2} .0127154{col 26}{space 2} .0433933{col 37}{space 1}    0.29{col 46}{space 3}0.770{col 54}{space 4}-.0723779{col 67}{space 3} .0978087
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2} .0555897{col 26}{space 2} .0311699{col 37}{space 1}    1.78{col 46}{space 3}0.075{col 54}{space 4}-.0055339{col 67}{space 3} .1167132
{txt}{space 9}tsr {c |}{col 14}{res}{space 2}-.0385084{col 26}{space 2} .0227095{col 37}{space 1}   -1.70{col 46}{space 3}0.090{col 54}{space 4}-.0830413{col 67}{space 3} .0060244
{txt}{space 7}union {c |}{col 14}{res}{space 2} .0286075{col 26}{space 2} .0243689{col 37}{space 1}    1.17{col 46}{space 3}0.241{col 54}{space 4}-.0191794{col 67}{space 3} .0763943
{txt}{space 10}rd {c |}{col 14}{res}{space 2} .0444932{col 26}{space 2}  .105798{col 37}{space 1}    0.42{col 46}{space 3}0.674{col 54}{space 4}-.1629744{col 67}{space 3} .2519608
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} .5998589{col 26}{space 2} .0675356{col 37}{space 1}    8.88{col 46}{space 3}0.000{col 54}{space 4}  .467423{col 67}{space 3} .7322949
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       49{col 27}{space 1}        0{col 39}{result}{space 1}       49{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est1{txt} stored)

{com}. eststo: xi: reghdfe explain_ind pr_quint_5 pr_quint_1 size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1, absorb(indyr)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     6,370
{txt}Absorbing 1 HDFE group{col 51}F({res}  12{txt},{res}   6211{txt}){col 67}= {res}      5.24
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.0527
{txt}{col 51}Adj R-squared{col 67}= {res}    0.0286
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0100
{txt}{col 51}Root MSE{col 67}= {res}    0.4588

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1} explain_ind{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}pr_quint_5 {c |}{col 14}{res}{space 2} .0710764{col 26}{space 2} .0174287{col 37}{space 1}    4.08{col 46}{space 3}0.000{col 54}{space 4} .0369102{col 67}{space 3} .1052426
{txt}{space 2}pr_quint_1 {c |}{col 14}{res}{space 2}-.0360424{col 26}{space 2} .0170975{col 37}{space 1}   -2.11{col 46}{space 3}0.035{col 54}{space 4}-.0695593{col 67}{space 3}-.0025254
{txt}{space 8}size {c |}{col 14}{res}{space 2} .0063864{col 26}{space 2} .0047076{col 37}{space 1}    1.36{col 46}{space 3}0.175{col 54}{space 4}-.0028422{col 67}{space 3}  .015615
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0037904{col 26}{space 2} .0037416{col 37}{space 1}    1.01{col 46}{space 3}0.311{col 54}{space 4}-.0035445{col 67}{space 3} .0111252
{txt}{space 9}roa {c |}{col 14}{res}{space 2}-.0251268{col 26}{space 2} .0519037{col 37}{space 1}   -0.48{col 46}{space 3}0.628{col 54}{space 4}-.1268761{col 67}{space 3} .0766224
{txt}{space 10}io {c |}{col 14}{res}{space 2}-.0124099{col 26}{space 2} .0162151{col 37}{space 1}   -0.77{col 46}{space 3}0.444{col 54}{space 4}-.0441971{col 67}{space 3} .0193772
{txt}{space 8}cash {c |}{col 14}{res}{space 2}  .060372{col 26}{space 2} .0474419{col 37}{space 1}    1.27{col 46}{space 3}0.203{col 54}{space 4}-.0326305{col 67}{space 3} .1533744
{txt}{space 9}lev {c |}{col 14}{res}{space 2} -.052925{col 26}{space 2} .0253068{col 37}{space 1}   -2.09{col 46}{space 3}0.037{col 54}{space 4} -.102535{col 67}{space 3} -.003315
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2} .0425922{col 26}{space 2} .0210403{col 37}{space 1}    2.02{col 46}{space 3}0.043{col 54}{space 4} .0013459{col 67}{space 3} .0838386
{txt}{space 9}tsr {c |}{col 14}{res}{space 2}-.0174852{col 26}{space 2} .0080397{col 37}{space 1}   -2.17{col 46}{space 3}0.030{col 54}{space 4}-.0332458{col 67}{space 3}-.0017246
{txt}{space 7}union {c |}{col 14}{res}{space 2} .0323939{col 26}{space 2} .0147166{col 37}{space 1}    2.20{col 46}{space 3}0.028{col 54}{space 4} .0035443{col 67}{space 3} .0612436
{txt}{space 10}rd {c |}{col 14}{res}{space 2} .2695052{col 26}{space 2} .1120347{col 37}{space 1}    2.41{col 46}{space 3}0.016{col 54}{space 4} .0498785{col 67}{space 3} .4891319
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} .6225592{col 26}{space 2} .0436355{col 37}{space 1}   14.27{col 46}{space 3}0.000{col 54}{space 4} .5370185{col 67}{space 3} .7080999
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      147{col 27}{space 1}        0{col 39}{result}{space 1}      147{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est2{txt} stored)

{com}. eststo: xi: reghdfe explain_ind ln_upr ln_epr size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1, absorb(ffi49)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     2,215
{txt}Absorbing 1 HDFE group{col 51}F({res}  12{txt},{res}   2154{txt}){col 67}= {res}      4.03
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.0671
{txt}{col 51}Adj R-squared{col 67}= {res}    0.0412
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0220
{txt}{col 51}Root MSE{col 67}= {res}    0.4510

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1} explain_ind{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}ln_upr {c |}{col 14}{res}{space 2} .0452708{col 26}{space 2} .0117073{col 37}{space 1}    3.87{col 46}{space 3}0.000{col 54}{space 4}  .022312{col 67}{space 3} .0682296
{txt}{space 6}ln_epr {c |}{col 14}{res}{space 2} .0468923{col 26}{space 2} .0404059{col 37}{space 1}    1.16{col 46}{space 3}0.246{col 54}{space 4}-.0323464{col 67}{space 3}  .126131
{txt}{space 8}size {c |}{col 14}{res}{space 2}-.0036911{col 26}{space 2} .0164284{col 37}{space 1}   -0.22{col 46}{space 3}0.822{col 54}{space 4}-.0359082{col 67}{space 3}  .028526
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0067473{col 26}{space 2} .0067174{col 37}{space 1}    1.00{col 46}{space 3}0.315{col 54}{space 4} -.006426{col 67}{space 3} .0199206
{txt}{space 9}roa {c |}{col 14}{res}{space 2}-.0192803{col 26}{space 2}  .087309{col 37}{space 1}   -0.22{col 46}{space 3}0.825{col 54}{space 4}-.1904989{col 67}{space 3} .1519384
{txt}{space 10}io {c |}{col 14}{res}{space 2} .1024751{col 26}{space 2} .0431266{col 37}{space 1}    2.38{col 46}{space 3}0.018{col 54}{space 4}  .017901{col 67}{space 3} .1870491
{txt}{space 8}cash {c |}{col 14}{res}{space 2} .0383894{col 26}{space 2} .0755178{col 37}{space 1}    0.51{col 46}{space 3}0.611{col 54}{space 4}-.1097059{col 67}{space 3} .1864848
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.0002768{col 26}{space 2} .0446578{col 37}{space 1}   -0.01{col 46}{space 3}0.995{col 54}{space 4}-.0878537{col 67}{space 3} .0873001
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2}  .047246{col 26}{space 2} .0334639{col 37}{space 1}    1.41{col 46}{space 3}0.158{col 54}{space 4}-.0183789{col 67}{space 3} .1128709
{txt}{space 9}tsr {c |}{col 14}{res}{space 2}-.0306944{col 26}{space 2} .0239869{col 37}{space 1}   -1.28{col 46}{space 3}0.201{col 54}{space 4}-.0777343{col 67}{space 3} .0163456
{txt}{space 7}union {c |}{col 14}{res}{space 2} .0310547{col 26}{space 2} .0255239{col 37}{space 1}    1.22{col 46}{space 3}0.224{col 54}{space 4}-.0189994{col 67}{space 3} .0811089
{txt}{space 10}rd {c |}{col 14}{res}{space 2} .4102522{col 26}{space 2} .1863553{col 37}{space 1}    2.20{col 46}{space 3}0.028{col 54}{space 4} .0447972{col 67}{space 3} .7757073
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} .4019162{col 26}{space 2} .0811417{col 37}{space 1}    4.95{col 46}{space 3}0.000{col 54}{space 4} .2427919{col 67}{space 3} .5610404
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       49{col 27}{space 1}        0{col 39}{result}{space 1}       49{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est3{txt} stored)

{com}. eststo: xi: reghdfe explain_ind ln_upr ln_epr size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1, absorb(indyr)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     6,002
{txt}Absorbing 1 HDFE group{col 51}F({res}  12{txt},{res}   5843{txt}){col 67}= {res}      4.95
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.0547
{txt}{col 51}Adj R-squared{col 67}= {res}    0.0292
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0101
{txt}{col 51}Root MSE{col 67}= {res}    0.4593

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1} explain_ind{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}ln_upr {c |}{col 14}{res}{space 2} .0355058{col 26}{space 2} .0075382{col 37}{space 1}    4.71{col 46}{space 3}0.000{col 54}{space 4} .0207282{col 67}{space 3} .0502835
{txt}{space 6}ln_epr {c |}{col 14}{res}{space 2}-.0035989{col 26}{space 2}  .025672{col 37}{space 1}   -0.14{col 46}{space 3}0.889{col 54}{space 4}-.0539256{col 67}{space 3} .0467278
{txt}{space 8}size {c |}{col 14}{res}{space 2} .0173564{col 26}{space 2} .0103803{col 37}{space 1}    1.67{col 46}{space 3}0.095{col 54}{space 4}-.0029928{col 67}{space 3} .0377056
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0034656{col 26}{space 2} .0039534{col 37}{space 1}    0.88{col 46}{space 3}0.381{col 54}{space 4}-.0042846{col 67}{space 3} .0112159
{txt}{space 9}roa {c |}{col 14}{res}{space 2}-.0402576{col 26}{space 2} .0598371{col 37}{space 1}   -0.67{col 46}{space 3}0.501{col 54}{space 4}-.1575605{col 67}{space 3} .0770454
{txt}{space 10}io {c |}{col 14}{res}{space 2} -.017717{col 26}{space 2} .0164517{col 37}{space 1}   -1.08{col 46}{space 3}0.282{col 54}{space 4}-.0499684{col 67}{space 3} .0145344
{txt}{space 8}cash {c |}{col 14}{res}{space 2} .0643482{col 26}{space 2} .0498454{col 37}{space 1}    1.29{col 46}{space 3}0.197{col 54}{space 4}-.0333673{col 67}{space 3} .1620637
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.0460165{col 26}{space 2} .0263706{col 37}{space 1}   -1.74{col 46}{space 3}0.081{col 54}{space 4}-.0977127{col 67}{space 3} .0056797
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2} .0326392{col 26}{space 2} .0224474{col 37}{space 1}    1.45{col 46}{space 3}0.146{col 54}{space 4} -.011366{col 67}{space 3} .0766445
{txt}{space 9}tsr {c |}{col 14}{res}{space 2} -.015879{col 26}{space 2} .0100952{col 37}{space 1}   -1.57{col 46}{space 3}0.116{col 54}{space 4}-.0356694{col 67}{space 3} .0039115
{txt}{space 7}union {c |}{col 14}{res}{space 2} .0371905{col 26}{space 2} .0152763{col 37}{space 1}    2.43{col 46}{space 3}0.015{col 54}{space 4} .0072432{col 67}{space 3} .0671378
{txt}{space 10}rd {c |}{col 14}{res}{space 2} .2928573{col 26}{space 2}  .122745{col 37}{space 1}    2.39{col 46}{space 3}0.017{col 54}{space 4} .0522317{col 67}{space 3}  .533483
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} .5538541{col 26}{space 2}  .050818{col 37}{space 1}   10.90{col 46}{space 3}0.000{col 54}{space 4}  .454232{col 67}{space 3} .6534762
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      147{col 27}{space 1}        0{col 39}{result}{space 1}      147{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est4{txt} stored)

{com}. esttab using "Output/Tables/RF/TIA14_firm_explain_indicator.csv", b(3) ar2 varwidth(25) title("Explain Indicator")  order(pr_quint_5 pr_quint_1 ln_upr ln_epr size mtb roa io cash lev salesg_w tsr union rd) star(* 0.10 ** 0.05  *** 0.01 ) drop( _cons) replace
{res}{txt}(output written to {browse  `"Output/Tables/RF/TIA14_firm_explain_indicator.csv"'})

{com}.                 
. *****************************
. *Supplemental Ratio Indicator
. *****************************
. est clear
{txt}
{com}. eststo: xi: reghdfe suppl_ind pr_quint_5 pr_quint_1 size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1, absorb(ffi49)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     2,401
{txt}Absorbing 1 HDFE group{col 51}F({res}  12{txt},{res}   2340{txt}){col 67}= {res}     12.33
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.0957
{txt}{col 51}Adj R-squared{col 67}= {res}    0.0725
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0595
{txt}{col 51}Root MSE{col 67}= {res}    0.3013

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}   suppl_ind{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}pr_quint_5 {c |}{col 14}{res}{space 2} .1930824{col 26}{space 2} .0188786{col 37}{space 1}   10.23{col 46}{space 3}0.000{col 54}{space 4}  .156062{col 67}{space 3} .2301029
{txt}{space 2}pr_quint_1 {c |}{col 14}{res}{space 2}-.0831165{col 26}{space 2} .0187662{col 37}{space 1}   -4.43{col 46}{space 3}0.000{col 54}{space 4}-.1199167{col 67}{space 3}-.0463163
{txt}{space 8}size {c |}{col 14}{res}{space 2}-.0159933{col 26}{space 2}  .004935{col 37}{space 1}   -3.24{col 46}{space 3}0.001{col 54}{space 4}-.0256708{col 67}{space 3}-.0063159
{txt}{space 9}mtb {c |}{col 14}{res}{space 2}-.0006364{col 26}{space 2}  .004193{col 37}{space 1}   -0.15{col 46}{space 3}0.879{col 54}{space 4}-.0088588{col 67}{space 3} .0075861
{txt}{space 9}roa {c |}{col 14}{res}{space 2} .0150055{col 26}{space 2} .0520921{col 37}{space 1}    0.29{col 46}{space 3}0.773{col 54}{space 4}-.0871459{col 67}{space 3} .1171569
{txt}{space 10}io {c |}{col 14}{res}{space 2} .0338905{col 26}{space 2} .0269608{col 37}{space 1}    1.26{col 46}{space 3}0.209{col 54}{space 4} -.018979{col 67}{space 3}   .08676
{txt}{space 8}cash {c |}{col 14}{res}{space 2} .0798856{col 26}{space 2} .0463002{col 37}{space 1}    1.73{col 46}{space 3}0.085{col 54}{space 4} -.010908{col 67}{space 3} .1706792
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.0399452{col 26}{space 2} .0289404{col 37}{space 1}   -1.38{col 46}{space 3}0.168{col 54}{space 4}-.0966967{col 67}{space 3} .0168063
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2}   .03093{col 26}{space 2} .0207882{col 37}{space 1}    1.49{col 46}{space 3}0.137{col 54}{space 4}-.0098353{col 67}{space 3} .0716952
{txt}{space 9}tsr {c |}{col 14}{res}{space 2}-.0294455{col 26}{space 2} .0151457{col 37}{space 1}   -1.94{col 46}{space 3}0.052{col 54}{space 4}-.0591459{col 67}{space 3} .0002549
{txt}{space 7}union {c |}{col 14}{res}{space 2}-.0071488{col 26}{space 2} .0162524{col 37}{space 1}   -0.44{col 46}{space 3}0.660{col 54}{space 4}-.0390194{col 67}{space 3} .0247217
{txt}{space 10}rd {c |}{col 14}{res}{space 2} -.072881{col 26}{space 2} .0705601{col 37}{space 1}   -1.03{col 46}{space 3}0.302{col 54}{space 4}-.2112478{col 67}{space 3} .0654859
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} .1943722{col 26}{space 2} .0450417{col 37}{space 1}    4.32{col 46}{space 3}0.000{col 54}{space 4} .1060464{col 67}{space 3}  .282698
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       49{col 27}{space 1}        0{col 39}{result}{space 1}       49{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est1{txt} stored)

{com}. eststo: xi: reghdfe suppl_ind pr_quint_5 pr_quint_1 size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1, absorb(indyr)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     6,370
{txt}Absorbing 1 HDFE group{col 51}F({res}  12{txt},{res}   6211{txt}){col 67}= {res}     26.68
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.0834
{txt}{col 51}Adj R-squared{col 67}= {res}    0.0601
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0490
{txt}{col 51}Root MSE{col 67}= {res}    0.2785

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}   suppl_ind{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}pr_quint_5 {c |}{col 14}{res}{space 2} .1743013{col 26}{space 2} .0105805{col 37}{space 1}   16.47{col 46}{space 3}0.000{col 54}{space 4} .1535598{col 67}{space 3} .1950427
{txt}{space 2}pr_quint_1 {c |}{col 14}{res}{space 2}-.0391459{col 26}{space 2} .0103794{col 37}{space 1}   -3.77{col 46}{space 3}0.000{col 54}{space 4}-.0594932{col 67}{space 3}-.0187987
{txt}{space 8}size {c |}{col 14}{res}{space 2}-.0112879{col 26}{space 2} .0028579{col 37}{space 1}   -3.95{col 46}{space 3}0.000{col 54}{space 4}-.0168903{col 67}{space 3}-.0056855
{txt}{space 9}mtb {c |}{col 14}{res}{space 2}-.0006033{col 26}{space 2} .0022714{col 37}{space 1}   -0.27{col 46}{space 3}0.791{col 54}{space 4}-.0050561{col 67}{space 3} .0038495
{txt}{space 9}roa {c |}{col 14}{res}{space 2} .0664734{col 26}{space 2} .0315094{col 37}{space 1}    2.11{col 46}{space 3}0.035{col 54}{space 4} .0047041{col 67}{space 3} .1282428
{txt}{space 10}io {c |}{col 14}{res}{space 2}-.0074193{col 26}{space 2} .0098437{col 37}{space 1}   -0.75{col 46}{space 3}0.451{col 54}{space 4}-.0267165{col 67}{space 3} .0118778
{txt}{space 8}cash {c |}{col 14}{res}{space 2} .0319893{col 26}{space 2} .0288007{col 37}{space 1}    1.11{col 46}{space 3}0.267{col 54}{space 4}-.0244701{col 67}{space 3} .0884486
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.0219384{col 26}{space 2} .0153631{col 37}{space 1}   -1.43{col 46}{space 3}0.153{col 54}{space 4}-.0520554{col 67}{space 3} .0081785
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2}-.0088804{col 26}{space 2}  .012773{col 37}{space 1}   -0.70{col 46}{space 3}0.487{col 54}{space 4}  -.03392{col 67}{space 3} .0161592
{txt}{space 9}tsr {c |}{col 14}{res}{space 2} -.005117{col 26}{space 2} .0048807{col 37}{space 1}   -1.05{col 46}{space 3}0.294{col 54}{space 4}-.0146849{col 67}{space 3} .0044508
{txt}{space 7}union {c |}{col 14}{res}{space 2} .0048572{col 26}{space 2} .0089341{col 37}{space 1}    0.54{col 46}{space 3}0.587{col 54}{space 4}-.0126567{col 67}{space 3} .0223711
{txt}{space 10}rd {c |}{col 14}{res}{space 2} .0772543{col 26}{space 2} .0680133{col 37}{space 1}    1.14{col 46}{space 3}0.256{col 54}{space 4}-.0560754{col 67}{space 3}  .210584
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} .1640031{col 26}{space 2}   .02649{col 37}{space 1}    6.19{col 46}{space 3}0.000{col 54}{space 4} .1120735{col 67}{space 3} .2159326
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      147{col 27}{space 1}        0{col 39}{result}{space 1}      147{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est2{txt} stored)

{com}. eststo: xi: reghdfe suppl_ind ln_upr ln_epr size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1, absorb(ffi49)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     2,215
{txt}Absorbing 1 HDFE group{col 51}F({res}  12{txt},{res}   2154{txt}){col 67}= {res}     13.81
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1091
{txt}{col 51}Adj R-squared{col 67}= {res}    0.0843
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0714
{txt}{col 51}Root MSE{col 67}= {res}    0.2975

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}   suppl_ind{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}ln_upr {c |}{col 14}{res}{space 2} .0902159{col 26}{space 2} .0077226{col 37}{space 1}   11.68{col 46}{space 3}0.000{col 54}{space 4} .0750713{col 67}{space 3} .1053605
{txt}{space 6}ln_epr {c |}{col 14}{res}{space 2} .0930564{col 26}{space 2} .0266534{col 37}{space 1}    3.49{col 46}{space 3}0.000{col 54}{space 4} .0407872{col 67}{space 3} .1453255
{txt}{space 8}size {c |}{col 14}{res}{space 2}-.0247752{col 26}{space 2} .0108369{col 37}{space 1}   -2.29{col 46}{space 3}0.022{col 54}{space 4} -.046027{col 67}{space 3}-.0035234
{txt}{space 9}mtb {c |}{col 14}{res}{space 2}-.0004911{col 26}{space 2} .0044311{col 37}{space 1}   -0.11{col 46}{space 3}0.912{col 54}{space 4}-.0091808{col 67}{space 3} .0081985
{txt}{space 9}roa {c |}{col 14}{res}{space 2}-.0607162{col 26}{space 2} .0575927{col 37}{space 1}   -1.05{col 46}{space 3}0.292{col 54}{space 4}-.1736593{col 67}{space 3} .0522268
{txt}{space 10}io {c |}{col 14}{res}{space 2}-.0017392{col 26}{space 2} .0284481{col 37}{space 1}   -0.06{col 46}{space 3}0.951{col 54}{space 4}-.0575278{col 67}{space 3} .0540494
{txt}{space 8}cash {c |}{col 14}{res}{space 2} .1318477{col 26}{space 2} .0498147{col 37}{space 1}    2.65{col 46}{space 3}0.008{col 54}{space 4} .0341578{col 67}{space 3} .2295376
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.0402694{col 26}{space 2} .0294582{col 37}{space 1}   -1.37{col 46}{space 3}0.172{col 54}{space 4}-.0980388{col 67}{space 3}    .0175
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2} .0429355{col 26}{space 2} .0220742{col 37}{space 1}    1.95{col 46}{space 3}0.052{col 54}{space 4}-.0003534{col 67}{space 3} .0862245
{txt}{space 9}tsr {c |}{col 14}{res}{space 2}-.0336669{col 26}{space 2} .0158228{col 37}{space 1}   -2.13{col 46}{space 3}0.033{col 54}{space 4}-.0646965{col 67}{space 3}-.0026374
{txt}{space 7}union {c |}{col 14}{res}{space 2}-.0088157{col 26}{space 2} .0168367{col 37}{space 1}   -0.52{col 46}{space 3}0.601{col 54}{space 4}-.0418335{col 67}{space 3} .0242021
{txt}{space 10}rd {c |}{col 14}{res}{space 2}-.2652834{col 26}{space 2} .1229278{col 37}{space 1}   -2.16{col 46}{space 3}0.031{col 54}{space 4}-.5063529{col 67}{space 3}-.0242138
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-.0835354{col 26}{space 2} .0535245{col 37}{space 1}   -1.56{col 46}{space 3}0.119{col 54}{space 4}-.1885004{col 67}{space 3} .0214297
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       49{col 27}{space 1}        0{col 39}{result}{space 1}       49{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est3{txt} stored)

{com}. eststo: xi: reghdfe suppl_ind ln_upr ln_epr size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1, absorb(indyr)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     6,002
{txt}Absorbing 1 HDFE group{col 51}F({res}  12{txt},{res}   5843{txt}){col 67}= {res}     21.19
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.0768
{txt}{col 51}Adj R-squared{col 67}= {res}    0.0518
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0417
{txt}{col 51}Root MSE{col 67}= {res}    0.2789

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}   suppl_ind{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}ln_upr {c |}{col 14}{res}{space 2} .0671783{col 26}{space 2}  .004577{col 37}{space 1}   14.68{col 46}{space 3}0.000{col 54}{space 4} .0582056{col 67}{space 3}  .076151
{txt}{space 6}ln_epr {c |}{col 14}{res}{space 2} .0560379{col 26}{space 2} .0155875{col 37}{space 1}    3.60{col 46}{space 3}0.000{col 54}{space 4} .0254806{col 67}{space 3} .0865952
{txt}{space 8}size {c |}{col 14}{res}{space 2}-.0113157{col 26}{space 2} .0063027{col 37}{space 1}   -1.80{col 46}{space 3}0.073{col 54}{space 4}-.0236713{col 67}{space 3} .0010399
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0000755{col 26}{space 2} .0024004{col 37}{space 1}    0.03{col 46}{space 3}0.975{col 54}{space 4}-.0046303{col 67}{space 3} .0047813
{txt}{space 9}roa {c |}{col 14}{res}{space 2} .0409441{col 26}{space 2} .0363318{col 37}{space 1}    1.13{col 46}{space 3}0.260{col 54}{space 4}-.0302797{col 67}{space 3}  .112168
{txt}{space 10}io {c |}{col 14}{res}{space 2}-.0156969{col 26}{space 2} .0099891{col 37}{space 1}   -1.57{col 46}{space 3}0.116{col 54}{space 4}-.0352793{col 67}{space 3} .0038854
{txt}{space 8}cash {c |}{col 14}{res}{space 2} .0453536{col 26}{space 2} .0302651{col 37}{space 1}    1.50{col 46}{space 3}0.134{col 54}{space 4}-.0139772{col 67}{space 3} .1046843
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.0185978{col 26}{space 2} .0160117{col 37}{space 1}   -1.16{col 46}{space 3}0.245{col 54}{space 4}-.0499866{col 67}{space 3} .0127911
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2}-.0029913{col 26}{space 2} .0136296{col 37}{space 1}   -0.22{col 46}{space 3}0.826{col 54}{space 4}-.0297103{col 67}{space 3} .0237278
{txt}{space 9}tsr {c |}{col 14}{res}{space 2}-.0101916{col 26}{space 2} .0061296{col 37}{space 1}   -1.66{col 46}{space 3}0.096{col 54}{space 4}-.0222079{col 67}{space 3} .0018247
{txt}{space 7}union {c |}{col 14}{res}{space 2} .0021119{col 26}{space 2} .0092755{col 37}{space 1}    0.23{col 46}{space 3}0.820{col 54}{space 4}-.0160714{col 67}{space 3} .0202953
{txt}{space 10}rd {c |}{col 14}{res}{space 2} .0569703{col 26}{space 2} .0745282{col 37}{space 1}    0.76{col 46}{space 3}0.445{col 54}{space 4}-.0891325{col 67}{space 3} .2030731
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-.0469191{col 26}{space 2} .0308556{col 37}{space 1}   -1.52{col 46}{space 3}0.128{col 54}{space 4}-.1074075{col 67}{space 3} .0135693
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      147{col 27}{space 1}        0{col 39}{result}{space 1}      147{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est4{txt} stored)

{com}. esttab using "Output/Tables/RF/TIA14_firm_supplemental_indicator.csv", b(3) ar2 varwidth(25) title("Supplemental Ratio Indicator")  order(pr_quint_5 pr_quint_1 ln_upr ln_epr size mtb roa io cash lev salesg_w tsr union rd) star(* 0.10 ** 0.05  *** 0.01 ) drop(  _cons) replace
{res}{txt}(output written to {browse  `"Output/Tables/RF/TIA14_firm_supplemental_indicator.csv"'})

{com}. 
. ********************
. *Tout Indicator
. ********************
. est clear
{txt}
{com}. eststo: xi: reghdfe tout_ind pr_quint_5 pr_quint_1 size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1, absorb(ffi49)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     2,401
{txt}Absorbing 1 HDFE group{col 51}F({res}  12{txt},{res}   2340{txt}){col 67}= {res}      2.86
{txt}{col 51}Prob > F{col 67}= {res}    0.0007
{txt}{col 51}R-squared{col 67}= {res}    0.0468
{txt}{col 51}Adj R-squared{col 67}= {res}    0.0223
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0144
{txt}{col 51}Root MSE{col 67}= {res}    0.2401

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}    tout_ind{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}pr_quint_5 {c |}{col 14}{res}{space 2}-.0174757{col 26}{space 2} .0150412{col 37}{space 1}   -1.16{col 46}{space 3}0.245{col 54}{space 4} -.046971{col 67}{space 3} .0120197
{txt}{space 2}pr_quint_1 {c |}{col 14}{res}{space 2} .0305651{col 26}{space 2} .0149517{col 37}{space 1}    2.04{col 46}{space 3}0.041{col 54}{space 4} .0012452{col 67}{space 3}  .059885
{txt}{space 8}size {c |}{col 14}{res}{space 2}-.0043065{col 26}{space 2} .0039319{col 37}{space 1}   -1.10{col 46}{space 3}0.274{col 54}{space 4}-.0120168{col 67}{space 3} .0034039
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0059959{col 26}{space 2} .0033407{col 37}{space 1}    1.79{col 46}{space 3}0.073{col 54}{space 4}-.0005552{col 67}{space 3}  .012547
{txt}{space 9}roa {c |}{col 14}{res}{space 2}  -.01174{col 26}{space 2} .0415034{col 37}{space 1}   -0.28{col 46}{space 3}0.777{col 54}{space 4}-.0931273{col 67}{space 3} .0696474
{txt}{space 10}io {c |}{col 14}{res}{space 2}-.0241973{col 26}{space 2} .0214805{col 37}{space 1}   -1.13{col 46}{space 3}0.260{col 54}{space 4}-.0663201{col 67}{space 3} .0179256
{txt}{space 8}cash {c |}{col 14}{res}{space 2}-.0610749{col 26}{space 2} .0368888{col 37}{space 1}   -1.66{col 46}{space 3}0.098{col 54}{space 4}-.1334131{col 67}{space 3} .0112633
{txt}{space 9}lev {c |}{col 14}{res}{space 2} -.035786{col 26}{space 2} .0230577{col 37}{space 1}   -1.55{col 46}{space 3}0.121{col 54}{space 4}-.0810017{col 67}{space 3} .0094297
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2}-.0146589{col 26}{space 2} .0165627{col 37}{space 1}   -0.89{col 46}{space 3}0.376{col 54}{space 4}-.0471379{col 67}{space 3} .0178201
{txt}{space 9}tsr {c |}{col 14}{res}{space 2} .0164732{col 26}{space 2} .0120671{col 37}{space 1}    1.37{col 46}{space 3}0.172{col 54}{space 4}-.0071901{col 67}{space 3} .0401364
{txt}{space 7}union {c |}{col 14}{res}{space 2} -.015301{col 26}{space 2} .0129488{col 37}{space 1}   -1.18{col 46}{space 3}0.237{col 54}{space 4}-.0406933{col 67}{space 3} .0100913
{txt}{space 10}rd {c |}{col 14}{res}{space 2}-.0023095{col 26}{space 2} .0562175{col 37}{space 1}   -0.04{col 46}{space 3}0.967{col 54}{space 4}-.1125509{col 67}{space 3} .1079319
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} .1256122{col 26}{space 2} .0358862{col 37}{space 1}    3.50{col 46}{space 3}0.000{col 54}{space 4} .0552401{col 67}{space 3} .1959842
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       49{col 27}{space 1}        0{col 39}{result}{space 1}       49{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est1{txt} stored)

{com}. eststo: xi: reghdfe tout_ind pr_quint_5 pr_quint_1 size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1, absorb(indyr)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     6,370
{txt}Absorbing 1 HDFE group{col 51}F({res}  12{txt},{res}   6211{txt}){col 67}= {res}      3.95
{txt}{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.0443
{txt}{col 51}Adj R-squared{col 67}= {res}    0.0200
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0076
{txt}{col 51}Root MSE{col 67}= {res}    0.2319

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}    tout_ind{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}pr_quint_5 {c |}{col 14}{res}{space 2}-.0154267{col 26}{space 2}  .008809{col 37}{space 1}   -1.75{col 46}{space 3}0.080{col 54}{space 4}-.0326954{col 67}{space 3}  .001842
{txt}{space 2}pr_quint_1 {c |}{col 14}{res}{space 2} .0255484{col 26}{space 2} .0086416{col 37}{space 1}    2.96{col 46}{space 3}0.003{col 54}{space 4} .0086079{col 67}{space 3} .0424889
{txt}{space 8}size {c |}{col 14}{res}{space 2}-.0013411{col 26}{space 2} .0023794{col 37}{space 1}   -0.56{col 46}{space 3}0.573{col 54}{space 4}-.0060055{col 67}{space 3} .0033233
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0051277{col 26}{space 2} .0018911{col 37}{space 1}    2.71{col 46}{space 3}0.007{col 54}{space 4} .0014204{col 67}{space 3} .0088349
{txt}{space 9}roa {c |}{col 14}{res}{space 2}-.0575927{col 26}{space 2} .0262338{col 37}{space 1}   -2.20{col 46}{space 3}0.028{col 54}{space 4}  -.10902{col 67}{space 3}-.0061654
{txt}{space 10}io {c |}{col 14}{res}{space 2}-.0162137{col 26}{space 2} .0081956{col 37}{space 1}   -1.98{col 46}{space 3}0.048{col 54}{space 4}-.0322799{col 67}{space 3}-.0001474
{txt}{space 8}cash {c |}{col 14}{res}{space 2}-.0464106{col 26}{space 2} .0239786{col 37}{space 1}   -1.94{col 46}{space 3}0.053{col 54}{space 4} -.093417{col 67}{space 3} .0005958
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.0369555{col 26}{space 2} .0127908{col 37}{space 1}   -2.89{col 46}{space 3}0.004{col 54}{space 4}-.0620299{col 67}{space 3} -.011881
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2} .0072643{col 26}{space 2} .0106345{col 37}{space 1}    0.68{col 46}{space 3}0.495{col 54}{space 4}-.0135829{col 67}{space 3} .0281115
{txt}{space 9}tsr {c |}{col 14}{res}{space 2}-.0007318{col 26}{space 2} .0040635{col 37}{space 1}   -0.18{col 46}{space 3}0.857{col 54}{space 4}-.0086977{col 67}{space 3} .0072341
{txt}{space 7}union {c |}{col 14}{res}{space 2} .0010365{col 26}{space 2} .0074382{col 37}{space 1}    0.14{col 46}{space 3}0.889{col 54}{space 4} -.013545{col 67}{space 3}  .015618
{txt}{space 10}rd {c |}{col 14}{res}{space 2}-.0732828{col 26}{space 2} .0566259{col 37}{space 1}   -1.29{col 46}{space 3}0.196{col 54}{space 4}-.1842891{col 67}{space 3} .0377235
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} .1005718{col 26}{space 2} .0220548{col 37}{space 1}    4.56{col 46}{space 3}0.000{col 54}{space 4} .0573368{col 67}{space 3} .1438068
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      147{col 27}{space 1}        0{col 39}{result}{space 1}      147{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est2{txt} stored)

{com}. eststo: xi: reghdfe tout_ind ln_upr ln_epr size mtb roa io cash lev salesg_w tsr union rd if sample_yr==1, absorb(ffi49)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     2,215
{txt}Absorbing 1 HDFE group{col 51}F({res}  12{txt},{res}   2154{txt}){col 67}= {res}      1.50
{txt}{col 51}Prob > F{col 67}= {res}    0.1172
{txt}{col 51}R-squared{col 67}= {res}    0.0389
{txt}{col 51}Adj R-squared{col 67}= {res}    0.0121
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0083
{txt}{col 51}Root MSE{col 67}= {res}    0.2378

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}    tout_ind{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}ln_upr {c |}{col 14}{res}{space 2}-.0113543{col 26}{space 2} .0061736{col 37}{space 1}   -1.84{col 46}{space 3}0.066{col 54}{space 4}-.0234612{col 67}{space 3} .0007526
{txt}{space 6}ln_epr {c |}{col 14}{res}{space 2} .0061385{col 26}{space 2} .0213073{col 37}{space 1}    0.29{col 46}{space 3}0.773{col 54}{space 4}-.0356465{col 67}{space 3} .0479234
{txt}{space 8}size {c |}{col 14}{res}{space 2}-.0080211{col 26}{space 2} .0086632{col 37}{space 1}   -0.93{col 46}{space 3}0.355{col 54}{space 4}-.0250102{col 67}{space 3} .0089679
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0037099{col 26}{space 2} .0035423{col 37}{space 1}    1.05{col 46}{space 3}0.295{col 54}{space 4}-.0032368{col 67}{space 3} .0106566
{txt}{space 9}roa {c |}{col 14}{res}{space 2} .0203367{col 26}{space 2} .0460406{col 37}{space 1}    0.44{col 46}{space 3}0.659{col 54}{space 4} -.069952{col 67}{space 3} .1106255
{txt}{space 10}io {c |}{col 14}{res}{space 2}-.0238847{col 26}{space 2} .0227419{col 37}{space 1}   -1.05{col 46}{space 3}0.294{col 54}{space 4}-.0684832{col 67}{space 3} .0207137
{txt}{space 8}cash {c |}{col 14}{res}{space 2}-.0529909{col 26}{space 2} .0398228{col 37}{space 1}   -1.33{col 46}{space 3}0.183{col 54}{space 4} -.131086{col 67}{space 3} .0251043
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.0328774{col 26}{space 2} .0235494{col 37}{space 1}   -1.40{col 46}{space 3}0.163{col 54}{space 4}-.0790593{col 67}{space 3} .0133045
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2} -.005025{col 26}{space 2} .0176465{col 37}{space 1}   -0.28{col 46}{space 3}0.776{col 54}{space 4}-.0396309{col 67}{space 3}  .029581
{txt}{space 9}tsr {c |}{col 14}{res}{space 2} .0054806{col 26}{space 2}  .012649{col 37}{space 1}    0.43{col 46}{space 3}0.665{col 54}{space 4} -.019325{col 67}{space 3} .0302862
{txt}{space 7}union {c |}{col 14}{res}{space 2}-.0154113{col 26}{space 2} .0134595{col 37}{space 1}   -1.15{col 46}{space 3}0.252{col 54}{space 4}-.0418063{col 67}{space 3} .0109838
{txt}{space 10}rd {c |}{col 14}{res}{space 2} .0544362{col 26}{space 2} .0982708{col 37}{space 1}    0.55{col 46}{space 3}0.580{col 54}{space 4}-.1382793{col 67}{space 3} .2471516
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} .1290963{col 26}{space 2} .0427885{col 37}{space 1}    3.02{col 46}{space 3}0.003{col 54}{space 4} .0451853{col 67}{space 3} .2130073
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       ffi49{col 14}{c |}{space 1}       49{col 27}{space 1}        0{col 39}{result}{space 1}       49{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est3{txt} stored)

{com}. eststo: xi: reghdfe tout_ind ln_upr ln_epr size mtb roa io cash lev salesg_w tsr union rd if sample_yr!=1, absorb(indyr)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 1 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     6,002
{txt}Absorbing 1 HDFE group{col 51}F({res}  12{txt},{res}   5843{txt}){col 67}= {res}      3.29
{txt}{col 51}Prob > F{col 67}= {res}    0.0001
{txt}{col 51}R-squared{col 67}= {res}    0.0403
{txt}{col 51}Adj R-squared{col 67}= {res}    0.0144
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0067
{txt}{col 51}Root MSE{col 67}= {res}    0.2305

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}    tout_ind{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}ln_upr {c |}{col 14}{res}{space 2}-.0147203{col 26}{space 2} .0037825{col 37}{space 1}   -3.89{col 46}{space 3}0.000{col 54}{space 4}-.0221354{col 67}{space 3}-.0073053
{txt}{space 6}ln_epr {c |}{col 14}{res}{space 2} .0186691{col 26}{space 2} .0128816{col 37}{space 1}    1.45{col 46}{space 3}0.147{col 54}{space 4}-.0065836{col 67}{space 3} .0439217
{txt}{space 8}size {c |}{col 14}{res}{space 2}-.0107102{col 26}{space 2} .0052086{col 37}{space 1}   -2.06{col 46}{space 3}0.040{col 54}{space 4}-.0209209{col 67}{space 3}-.0004995
{txt}{space 9}mtb {c |}{col 14}{res}{space 2} .0031259{col 26}{space 2} .0019837{col 37}{space 1}    1.58{col 46}{space 3}0.115{col 54}{space 4} -.000763{col 67}{space 3} .0070147
{txt}{space 9}roa {c |}{col 14}{res}{space 2}-.0088221{col 26}{space 2} .0300247{col 37}{space 1}   -0.29{col 46}{space 3}0.769{col 54}{space 4}-.0676817{col 67}{space 3} .0500375
{txt}{space 10}io {c |}{col 14}{res}{space 2}-.0131634{col 26}{space 2}  .008255{col 37}{space 1}   -1.59{col 46}{space 3}0.111{col 54}{space 4}-.0293463{col 67}{space 3} .0030195
{txt}{space 8}cash {c |}{col 14}{res}{space 2}-.0383686{col 26}{space 2} .0250112{col 37}{space 1}   -1.53{col 46}{space 3}0.125{col 54}{space 4}-.0873997{col 67}{space 3} .0106625
{txt}{space 9}lev {c |}{col 14}{res}{space 2}-.0410765{col 26}{space 2} .0132321{col 37}{space 1}   -3.10{col 46}{space 3}0.002{col 54}{space 4}-.0670164{col 67}{space 3}-.0151367
{txt}{space 4}salesg_w {c |}{col 14}{res}{space 2} .0113877{col 26}{space 2} .0112635{col 37}{space 1}    1.01{col 46}{space 3}0.312{col 54}{space 4} -.010693{col 67}{space 3} .0334684
{txt}{space 9}tsr {c |}{col 14}{res}{space 2} .0020369{col 26}{space 2} .0050655{col 37}{space 1}    0.40{col 46}{space 3}0.688{col 54}{space 4}-.0078935{col 67}{space 3} .0119672
{txt}{space 7}union {c |}{col 14}{res}{space 2}  .000757{col 26}{space 2} .0076653{col 37}{space 1}    0.10{col 46}{space 3}0.921{col 54}{space 4}-.0142698{col 67}{space 3} .0157838
{txt}{space 10}rd {c |}{col 14}{res}{space 2} .0051789{col 26}{space 2} .0615903{col 37}{space 1}    0.08{col 46}{space 3}0.933{col 54}{space 4}-.1155608{col 67}{space 3} .1259187
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}   .09471{col 26}{space 2} .0254992{col 37}{space 1}    3.71{col 46}{space 3}0.000{col 54}{space 4} .0447223{col 67}{space 3} .1446978
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}       indyr{col 14}{c |}{space 1}      147{col 27}{space 1}        0{col 39}{result}{space 1}      147{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
{res}{txt}({res}est4{txt} stored)

{com}. esttab using "Output/Tables/RF/TIA14_firm_tout_indicator.csv", b(3) ar2 varwidth(25) title("Tout Indicator")  order(pr_quint_5 pr_quint_1 ln_upr ln_epr size mtb roa io cash lev salesg_w tsr union rd) star(* 0.10 ** 0.05  *** 0.01 ) drop(  _cons) replace
{res}{txt}(output written to {browse  `"Output/Tables/RF/TIA14_firm_tout_indicator.csv"'})

{com}. 
{txt}end of do-file

{com}. 
. 
. ////////////////////////////////////////////////////////////////////////////////
> // -----------------------Internet Appendix Figures ------------------------- //
. ////////////////////////////////////////////////////////////////////////////////
> 
. // -------------------------- Figure IA1: Pay Ratio Histograms by Reporting Year
. do Code/produce_figureIA1
{txt}
{com}. 
. ************************************************************************************************************
. **#                                                     FIGURE IA-1: PAY RATIO HISTOGRAMS BY YEAR
. ************************************************************************************************************
. 
. capture cd "C:\Users\austin.starkweather\Dropbox\Research\CEO Pay Ratio\Analysis"
{txt}
{com}. capture cd "/Users/joshw/Dropbox/CEO Pay Ratio/Analysis/"
{txt}
{com}. use "Data/Temp/dataset_main.dta", clear
{txt}
{com}. 
. *bin_ratio = CEO pay ratio truncated at 500 for the graph
. 
. ******************************
. *Panel A - Reporting Year 1
. ****************************** 
. histogram bin_ratio if(sample_yr==1), percent ytitle(Percent of Sample) xtitle(CEO Pay Ratio) scheme(s2mono) graphregion(color(white)) ylabel(0 "0%"  5 "5%"  10 "10%" 15 "15%") xlabel(0 "0"  100 "100" 200 "200" 300 "300" 400 "400" 500 "{c -(}&ge{c )-}500")  bcolor(dknavy) barwidth(14)
{txt}(bin={res}33{txt}, start={res}0{txt}, width={res}15.151515{txt})
{res}{txt}
{com}. graph export "Output/Tables/RF/FigIA1_pr_histogram_yr1.png", as(png) replace
{txt}(file Output/Tables/RF/FigIA1_pr_histogram_yr1.png written in PNG format)

{com}. 
. ******************************
. *Panel B - Reporting Year 2
. ****************************** 
. histogram bin_ratio if(sample_yr==2), percent ytitle(Percent of Sample) xtitle(CEO Pay Ratio) scheme(s2mono) graphregion(color(white)) ylabel(0 "0%"  5 "5%"  10 "10%" 15 "15%") xlabel(0 "0"  100 "100" 200 "200" 300 "300" 400 "400" 500 "{c -(}&ge{c )-}500")  bcolor(dknavy) barwidth(14)
{txt}(bin={res}33{txt}, start={res}0{txt}, width={res}15.151515{txt})
{res}{txt}
{com}. graph export "Output/Tables/RF/FigIA1_pr_histogram_yr2.png", as(png) replace
{txt}(file Output/Tables/RF/FigIA1_pr_histogram_yr2.png written in PNG format)

{com}. 
. ******************************
. *Panel C - Reporting Year 3
. ****************************** 
. histogram bin_ratio if(sample_yr==3), percent ytitle(Percent of Sample) xtitle(CEO Pay Ratio) scheme(s2mono) graphregion(color(white)) ylabel(0 "0%"  5 "5%"  10 "10%" 15 "15%") xlabel(0 "0"  100 "100" 200 "200" 300 "300" 400 "400" 500 "{c -(}&ge{c )-}500")  bcolor(dknavy) barwidth(14)
{txt}(bin={res}33{txt}, start={res}0{txt}, width={res}15.151515{txt})
{res}{txt}
{com}. graph export "Output/Tables/RF/FigIA1_pr_histogram_yr3.png", as(png) replace
{txt}(file Output/Tables/RF/FigIA1_pr_histogram_yr3.png written in PNG format)

{com}. 
. ******************************
. *Panel D - Reporting Year 4
. ****************************** 
. histogram bin_ratio if(sample_yr==4), percent ytitle(Percent of Sample) xtitle(CEO Pay Ratio) scheme(s2mono) graphregion(color(white)) ylabel(0 "0%"  5 "5%"  10 "10%" 15 "15%") xlabel(0 "0"  100 "100" 200 "200" 300 "300" 400 "400" 500 "{c -(}&ge{c )-}500")  bcolor(dknavy) barwidth(14)
{txt}(bin={res}32{txt}, start={res}0{txt}, width={res}15.625{txt})
{res}{txt}
{com}. graph export "Output/Tables/RF/FigIA1_pr_histogram_yr4.png", as(png) replace
{txt}(file Output/Tables/RF/FigIA1_pr_histogram_yr4.png written in PNG format)

{com}. 
{txt}end of do-file

{com}. 
. // ----------------------------- Figure IA2: Yearly Changes in the CEO Pay Ratio
. do Code/produce_figureIA2
{txt}
{com}. 
. ************************************************************************************************************
. **#                                                     FIGURE IA-2: YEARLY CHANGES IN THE CEO PAY RATIO
. ************************************************************************************************************
. 
. capture cd "C:\Users\austin.starkweather\Dropbox\Research\CEO Pay Ratio\Analysis"
{txt}
{com}. capture cd "/Users/joshw/Dropbox/CEO Pay Ratio/Analysis/"
{txt}
{com}. use "Data/Temp/dataset_main.dta", clear
{txt}
{com}. 
. *pct_ch_ratio = percent change in CEO pay ratio truncated at 200%
. 
. *****************************************************
. *Panel A - Change in CEO Pay Ratio Reporting Year 1-2
. *****************************************************
. histogram pct_ch_ratio if(sample_yr==2), percent ytitle(Percent of Sample) xtitle(Change in CEO Pay Ratio) scheme(s2mono) graphregion(color(white)) ylabel(0 "0%"  5 "5%"  10 "10%" 15 "15%") xlabel(-100 "-100%" -50 "-50%" 0 "0%"  50 "50%"  100 "100%" 150 "150%" 200 "{c -(}&ge{c )-}200%")  bcolor(dknavy) barwidth(8.5)
{txt}(bin={res}33{txt}, start={res}-99.666664{txt}, width={res}9.080808{txt})
{res}{txt}
{com}. graph export "Output/Tables/RF/FigIA2_histogram_pct_ch_ratio_yr2.png", as(png) replace
{txt}(file Output/Tables/RF/FigIA2_histogram_pct_ch_ratio_yr2.png written in PNG format)

{com}. 
. *****************************************************
. *Panel B - Change in CEO Pay Ratio Reporting Year 2-3
. ****************************** **********************
. histogram pct_ch_ratio if(sample_yr==3), percent ytitle(Percent of Sample) xtitle(Change in CEO Pay Ratio) scheme(s2mono) graphregion(color(white)) ylabel(0 "0%"  5 "5%"  10 "10%" 15 "15%") xlabel(-100 "-100%" -50 "-50%" 0 "0%"  50 "50%"  100 "100%" 150 "150%" 200 "{c -(}&ge{c )-}200%")  bcolor(dknavy) barwidth(8.5)
{txt}(bin={res}33{txt}, start={res}-99.999802{txt}, width={res}9.0909031{txt})
{res}{txt}
{com}. graph export "Output/Tables/RF/FigIA2_histogram_pct_ch_ratio_yr3.png", as(png) replace
{txt}(file Output/Tables/RF/FigIA2_histogram_pct_ch_ratio_yr3.png written in PNG format)

{com}. 
. *****************************************************
. *Panel C - Change in CEO Pay Ratio Reporting Year 3-4
. ****************************** **********************
. histogram pct_ch_ratio if(sample_yr==4), percent ytitle(Percent of Sample) xtitle(Change in CEO Pay Ratio) scheme(s2mono) graphregion(color(white)) ylabel(0 "0%"  5 "5%"  10 "10%" 15 "15%") xlabel(-100 "-100%" -50 "-50%" 0 "0%"  50 "50%"  100 "100%" 150 "150%" 200 "{c -(}&ge{c )-}200%")  bcolor(dknavy) barwidth(8.5)
{txt}(bin={res}32{txt}, start={res}-100{txt}, width={res}9.375{txt})
{res}{txt}
{com}. graph export "Output/Tables/RF/FigIA2_histogram_pct_ch_ratio_yr4.png", as(png) replace
{txt}(file Output/Tables/RF/FigIA2_histogram_pct_ch_ratio_yr4.png written in PNG format)

{com}. 
{txt}end of do-file

{com}. 
. // ------------------- Figure IA3: Yearly Changes in CEO and Median Employee Pay 
. do Code/produce_figureIA3
{txt}
{com}. 
. ************************************************************************************************************
. **#                                                     FIGURE IA-3: YEARLY CHANGES IN THE CEO AND MEDIAN EMPLOYEE PAY
. ************************************************************************************************************
. 
. capture cd "C:\Users\austin.starkweather\Dropbox\Research\CEO Pay Ratio\Analysis"
{txt}
{com}. capture cd "/Users/joshw/Dropbox/CEO Pay Ratio/Analysis/"
{txt}
{com}. use "Data/Temp/dataset_main.dta", clear
{txt}
{com}. 
. *pct_ch_ceopay = percent change in CEO pay trunacated at 100%
. *pct_ch_mepay = percent change in CEO pay trunacated at 100%
. 
. ***********************************************
. *Panel A - Change in CEO Pay Reporting Year 1-2
. ***********************************************
. histogram pct_ch_ceopay if(sample_yr==2), percent ytitle(Percent of Sample) xtitle(Change in CEO Pay) scheme(s2mono) graphregion(color(white)) ylabel(0 "0%"  10 "10%" 20 "20%" 30 "30%") xlabel(-100 "-100%" -50 "-50%" 0 "0%"  50 "50%"  100 "{c -(}&ge{c )-}100%")  bcolor(dknavy) barwidth(5.5)
{txt}(bin={res}33{txt}, start={res}-99.638199{txt}, width={res}6.0496424{txt})
{res}{txt}
{com}. graph export "Output/Tables/RF/FigIA3_histogram_pct_ch_ceopay_yr2.png", as(png) replace
{txt}(file Output/Tables/RF/FigIA3_histogram_pct_ch_ceopay_yr2.png written in PNG format)

{com}. 
. ***********************************************
. *Panel B - Change in CEO Pay Reporting Year 2-3
. ****************************** *****************
. histogram pct_ch_ceopay if(sample_yr==3), percent ytitle(Percent of Sample) xtitle(Change in CEO Pay) scheme(s2mono) graphregion(color(white)) ylabel(0 "0%"  10 "10%" 20 "20%" 30 "30%") xlabel(-100 "-100%" -50 "-50%" 0 "0%"  50 "50%"  100 "{c -(}&ge{c )-}100%")  bcolor(dknavy) barwidth(5.5)
{txt}(bin={res}33{txt}, start={res}-99.999794{txt}, width={res}6.0605998{txt})
{res}{txt}
{com}. graph export "Output/Tables/RF/FigIA3_histogram_pct_ch_ceopay_yr3.png", as(png) replace
{txt}(file Output/Tables/RF/FigIA3_histogram_pct_ch_ceopay_yr3.png written in PNG format)

{com}. 
. ***********************************************
. *Panel C - Change in CEO Pay Reporting Year 3-4
. ****************************** *****************
. histogram pct_ch_ceopay if(sample_yr==4), percent ytitle(Percent of Sample) xtitle(Change in CEO Pay) scheme(s2mono) graphregion(color(white)) ylabel(0 "0%"  10 "10%" 20 "20%" 30 "30%") xlabel(-100 "-100%" -50 "-50%" 0 "0%"  50 "50%"  100 "{c -(}&ge{c )-}100%")  bcolor(dknavy) barwidth(5.5)
{txt}(bin={res}32{txt}, start={res}-100{txt}, width={res}6.25{txt})
{res}{txt}
{com}. graph export "Output/Tables/RF/FigIA3_histogram_pct_ch_ceopay_yr4.png", as(png) replace
{txt}(file Output/Tables/RF/FigIA3_histogram_pct_ch_ceopay_yr4.png written in PNG format)

{com}. 
. ***********************************************************
. *Panel D - Change in Median Employee Pay Reporting Year 1-2
. ****************************** ****************************
. histogram pct_ch_mepay if(sample_yr==2) , percent ytitle(Percent of Sample) xtitle(Change in Median Employee Pay) scheme(s2mono) graphregion(color(white)) ylabel(0 "0%"  10 "10%" 20 "20%" 30 "30%") xlabel(-100 "-100%" -50 "-50%" 0 "0%"  50 "50%"  100 "{c -(}&ge{c )-}100%")  bcolor(dknavy) barwidth(5.5)
{txt}(bin={res}33{txt}, start={res}-92.256783{txt}, width={res}5.8259631{txt})
{res}{txt}
{com}. graph export "Output/Tables/RF/FigIA3_histogram_pct_ch_medpay_yr2.png", as(png) replace
{txt}(file Output/Tables/RF/FigIA3_histogram_pct_ch_medpay_yr2.png written in PNG format)

{com}. 
. ***********************************************************
. *Panel E - Change in Median Employee Pay Reporting Year 2-3
. ****************************** ****************************
. histogram pct_ch_mepay if(sample_yr==3), percent ytitle(Percent of Sample) xtitle(Change in Median Employee Pay) scheme(s2mono) graphregion(color(white)) ylabel(0 "0%"  10 "10%" 20 "20%" 30 "30%") xlabel(-100 "-100%" -50 "-50%" 0 "0%"  50 "50%"  100 "{c -(}&ge{c )-}100%")  bcolor(dknavy) barwidth(5.5)
{txt}(bin={res}33{txt}, start={res}-87.561096{txt}, width={res}5.6836696{txt})
{res}{txt}
{com}. graph export "Output/Tables/RF/FigIA3_histogram_pct_ch_medpay_yr3.png", as(png) replace
{txt}(file Output/Tables/RF/FigIA3_histogram_pct_ch_medpay_yr3.png written in PNG format)

{com}. 
. ***********************************************************
. *Panel F - Change in Median Employee Pay Reporting Year 3-4
. ****************************** ****************************
. histogram pct_ch_mepay if(sample_yr==4), percent ytitle(Percent of Sample) xtitle(Change in Median Employee Pay) scheme(s2mono) graphregion(color(white)) ylabel(0 "0%"  10 "10%" 20 "20%" 30 "30%") xlabel(-100 "-100%" -50 "-50%" 0 "0%"  50 "50%"  100 "{c -(}&ge{c )-}100%")  bcolor(dknavy) barwidth(5.5)
{txt}(bin={res}32{txt}, start={res}-86.152557{txt}, width={res}5.8172674{txt})
{res}{txt}
{com}. graph export "Output/Tables/RF/FigIA3_histogram_pct_ch_medpay_yr4.png", as(png) replace
{txt}(file Output/Tables/RF/FigIA3_histogram_pct_ch_medpay_yr4.png written in PNG format)

{com}. 
{txt}end of do-file

{com}. 
. // --------------------------- Figure IA4: Change in CEO and Median Employee Pay 
. do Code/produce_figureIA4
{txt}
{com}. 
. ************************************************************************************************************
. **#                                                     FIGURE IA-4: YEARLY CHANGES IN THE CEO AND MEDIAN EMPLOYEE PAY
. ************************************************************************************************************
. 
. capture cd "C:\Users\austin.starkweather\Dropbox\Research\CEO Pay Ratio\Analysis"
{txt}
{com}. capture cd "/Users/joshw/Dropbox/CEO Pay Ratio/Analysis/"
{txt}
{com}. use "Data/Temp/dataset_main.dta", clear
{txt}
{com}. 
. *pct_ch_ceopay = trunacated at 100%
. *pct_ch_mepay = trunacated at 100%
. 
. **********************************************************************
. *Panel A - Change in CEO Pay Reporting Year 1 to average of 2-4
. **********************************************************************
. histogram pct_ch_ceopay, percent ytitle(Percent of Sample) xtitle(Change in CEO Pay) scheme(s2mono) graphregion(color(white)) ylabel(0 "0%"  10 "10%" 20 "20%" 30 "30%") xlabel(-100 "-100%" -50 "-50%" 0 "0%"  50 "50%"  100 "{c -(}&ge{c )-}100%")  bcolor(dknavy) barwidth(5.5)
{txt}(bin={res}37{txt}, start={res}-100{txt}, width={res}5.4054054{txt})
{res}{txt}
{com}. graph export "Output/Tables/RF/FigIA4_histogram_ceopay_ch.png", as(png) replace
{txt}(file Output/Tables/RF/FigIA4_histogram_ceopay_ch.png written in PNG format)

{com}. 
. **********************************************************************
. *Panel B - Change in Med Pay Reporting Year 1 to average of 2-4
. **********************************************************************
. histogram pct_ch_mepay, percent ytitle(Percent of Sample) xtitle(Change in Median Employee Pay) scheme(s2mono) graphregion(color(white)) ylabel(0 "0%"  10 "10%" 20 "20%" 30 "30%") xlabel(-100 "-100%" -50 "-50%" 0 "0%"  50 "50%"  100 "{c -(}&ge{c )-}100%")  bcolor(dknavy) barwidth(5.5)
{txt}(bin={res}37{txt}, start={res}-92.256783{txt}, width={res}5.1961293{txt})
{res}{txt}
{com}. graph export "Output/Tables/RF/FigIA4_histogram_medpay_ch.png", as(png) replace
{txt}(file Output/Tables/RF/FigIA4_histogram_medpay_ch.png written in PNG format)

{com}. 
{txt}end of do-file

{com}. 
. 
. ////////////////////////////////////////////////////////////////////////////////
> // -----------------------Close Log File ------------------------------------ //
. ////////////////////////////////////////////////////////////////////////////////
> 
. capture log close
{smcl}
{com}{sf}{ul off}